**PLEASE NOTE, THE IRS UPDATED THEIR WEBSITE RIGHT AFTER I SENT THIS OUT. YOU MUST CLICK THE “MANAGE PAYMENTS” BUTTON TO CREATE YOUR LOGIN. ALL OTHER INSTRUCTIONS ARE CORRECT**
Hello and Happy Summer!
I hope that everyone is relaxing however they see fit. My family and I will be up in the Sequoia’s the first week of July, so our offices will be closed during that time. But I did want to let you know about something especially important.
Starting on July 15th the government is going to be sending taxpayers who qualify $300 per child per month. This is an advanced of the Child Tax Credit which you would normally receive on your 2021 Tax Return (which we will be filing in 2022).
I am STRONGLY recommending that if you are eligible for this credit you choose to Opt Out via the IRS website (instructions below). The reason I am recommending this is if you do not Opt Out, then your refund for 2021 from the IRS will be as much as $1,800 lower than what you expect it to be PER CHILD, as you have already received these funds throughout the 2021 Tax Year.
Again, if you do nothing, you will receive $300 per month from July through December ($300 x 6 months = $1,800) per child, which will lower your refund by that amount when we file your tax return in 2022.
If you would like to Opt Out of receiving this advanced credit, then please follow the instructions below:
- Go to the IRS website: irs.gov
- Scroll down just a little bit and find the Get Answers on the Advance Child Tax Credit Button. Click it.
- Here you can check to see if you are eligible to receive the Advanced Credit.
- On the Child Tax Credit page, scroll down and select Unenroll from Credit.
- In order to Unenroll, you will need to create either an IRS.GOV login of an ID.ME account which will require you to load up your Driver’s License (Front and Back) and load a picture of your face from your phone (this is to verify your Identity).
- Select which way you are going to login (IRS or ID.ME)
- Follow the instructions on the screen.
The process to create the login account is not short, so please set aside at least 20 minutes of your day to do this.
Please continue to check the Tax Advice Guys website (www.taxadviceguys.com ) for more information as it becomes available.
Welcome to Tax Advice Guys!
We are a Southern California Tax Firm, specializing in helping Pastors and Small Businesses file their taxes. While we do specialize in Pastors and Small Businesses, we also assist all other types of individual and business returns, including individuals who have Rental Property, Purchase and Sell Stocks, Interest and Dividend Income, Social Security Income, Single Member LLC’s, S-Corps and much more.
As Enrolled Agents, we are authorized (with proper documentation) to represent you before the IRS or any state agency, should the need arise.