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Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit. No action is needed by most taxpayers; the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov on Monday to see the payment status of the third stimulus payment.

The President signed into law the American Citizen Coronavirus Relief Act which includes stimulus payments (EIP 3) to eligible taxpayers. Who is eligible? Individuals making $75,000 or less a year and their dependents each would receive checks of $1,400 each. The payments decrease gradually for individuals earning above $75,000 and they phase out completely for individuals making $80,000 or more. That’s a change from a prior income cap of $100,000.... Couples who file taxes jointly and earn $150,000 or less a year and their dependents each will get full payments of $1,400. The checks become gradually smaller for joint filers making above $150,000, and they phase out entirely at $160,000. That’s a change from a prior income cap of $200,000 for couples. Head of household filers, such as single parents, would see a phase-out starting above an income level of $112,500 and no payments at $120,000 vs. a previous cap of $150,000

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Be sure you are getting the maximum earned income credit this year. If your earned income was higher in 2019 than in 2020, you can use the 2019 amount to figure your EITC for 2020. This temporary relief is provided through the Taxpayer Certainty and Disaster Tax Relief Act of 2020. visit our website at www.maxxtaxxpros.com to start filing with us today.... F

The Earned Income Tax Credit (EITC) is a significant tax credit for workers who earned $56,844 or less in 2020. The IRS estimates four out of five eligible taxpayers claim and get the EITC. Nationwide in 2020, around 25 million taxpayers received over $62 billion in EITC. The average EITC amount received was $2,461 per return. The EITC is worth as much as $6,660 for a family with three or more children or up to $538 for taxpayers who do not have a qualifying child.