Accsol Business Solutions

The IRS has extended the federal tax-filing deadline due to the ongoing pandemic. The postponement comes as the IRS battles a huge backlog that has prevented it from fully processing nearly 24 million tax filings from individuals and companies since the start of the fiscal year. The extended deadline only applies to federal income tax returns and taxes, so taxpayers should check to see if their state tax due dates have changed.

Not all states observe the federal government's filing deadline. For filers with an adjusted gross income of less than 150,000 in 2020, the first 10,200 of unemployment income, or 20,400 for married couples filing jointly, is tax-free (for both singles and couples). The income tax credit was also increased to 3,000 per year for children aged 6 to 17 and 3,600 per year for those under 6.

As early as this summer, parents could begin receiving a monthly portion of the credit. Entrusting someone with your taxes or your business accounting is a major decision. Since opening our firm in 1983, we've worked with individuals and companies across Laredo and the surrounding South Texas areas, providing effective and reliable accounting and tax help.