File Taxes On Your Own

You can file your own taxes with some help from CASH!  Check out our new page dedicated to tax filing tools and “how to” videos that can help you through the process. Many of these tools are free, but some charge a small fee and have income restrictions. All of these tools will allow you to file your own state and federal taxes. We even have links to. Check out our new page now!

You may be eligible to get your Child Tax Credit in monthly payments! There have been important changes to the Child Tax Credit that will help many families receive part of their credit between July to December 2021, instead of having to wait until next tax season. The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for tax year 2021 only. This expanded tax credit is based on income and age of the child. To learn more, visit the IRS website by clicking HERE.

• Eligibility will be determined using a taxpayers 2020 or 2019 tax return. If you haven’t filed yet, please consider using free tax software found here.
• The tax credit will be distributed via direct deposit. To set up a safe, low-fee bank account, please visit Bank On Maryland for a list of financial institutions who have met national account standards.
• The credit for qualifying children is fully refundable, which means that taxpayers can benefit from the credit even if they don’t have earned income or don’t owe any income taxes.
• The credit will include children who turn age 17 in 2021.
• Taxpayers may receive part of their credit in 2021 before filing their 2021 tax return.

For tax year 2021, families claiming the CTC will receive up to $3,000 per qualifying child between the ages of 6 and 17 at the end of 2021. They will receive $3,600 per qualifying child under age 6 at the end of 2021. Under the prior law, the amount of the CTC was up to $2,000 per qualifying child under the age of 17 at the end of the year.

NEW! Tax Filing Deadlines:

The IRS has announced that the tax filing deadline has been extended to May 17, 2021. 

The Comptroller of Maryland has announced that the Maryland State filing deadline has been extended to July 15, 2021

Do you want more information about the American Rescue Plan Act or the Maryland RELIEF Act?

Click Here to read our summary of this important legislation to learn about how it may impact you.

BIG NEWS! Maryland General Assembly passes major tax changes!

The RELIEF Act includes direct payments for low to moderate income Maryland taxpayers who claimed and received the Earned Income Tax Credit (EITC) on their 2019 Maryland State Tax Return. Learn more and see if you qualify by clicking here for more information. A bill also passed to allow immigrant taxpayers using an ITIN to access the EITC.  The Comptroller’s Office set up dedicated page to help taxpayers to navigate the various changes. Please hold off filing your tax return is possible, these returns cannot be e-filed.

Additionally, under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves. The IRS expects these refunds for many EITC and ACTC taxpayers will issue the first week of March if they file electronically with direct deposit and there are no issues with their tax returns.

American Rescue Plan Act

What we know so far:

Tax provisions coming into effect for 2021

Unemployment
The first $10,200 ($20,400 if Married, Filing Jointly) of unemployment benefits for 2020 will be excluded for taxpayers with an adjusted gross income (AGI) of less than $150,000.  For those with an AGI over $150,000 these benefits will be fully taxable.

2021 Recovery Rebates (Stimulus Payments)
A 2021 advance recovery rebate or a third economic impact payment (EIP3) of $1,400 ($2,800 MFJ) will be issued to each eligible individual plus $1,400 to each dependent (including adult dependents).

The payment will fully phase out when income reaches $80,000 for single filers, $120,000 for heads of household with one child, and $160,000 for joint filers or surviving spouse.

An eligible individual is anyone except:

• Any nonresident alien individual
• Any individual who is a dependent of another taxpayer at the beginning of the calendar year
• An estate or trust

The recovery rebate credit is based on the 2019 or 2020 tax return and will be reconciled on the 2021 tax return.

For payments based on the 2019 return, the bill contains a provision that allows for an additional payment if the advance of the recovery rebate is greater based on the taxpayer’s 2020 return.

Earned Income Credit Expansion
The disqualified investment income limit also increases from $3,650 to $10,000.

To learn more, click here.

Looking for financial advice?

CASH has resources and tools on how to manage finances or find other help in this difficult time.

Click here to learn more through our CASH Academy.

Do you need a safe bank account, or do you have questions about how to get your Economic Impact Payment- Find out more here.

Abre una cuenta bancaria o de una cooperativa de crédito de bajo costo ahora para recibir el dinero de tu cheque de estímulo de una forma más rápida y segura- Haga clic aquí!

NEW: Baltimore County Financial Navigators are standing by to help guide you to the best resources and programs to help you with your financial situation.  If you are a Baltimore County resident call 311 and ask to be connected to a Financial Navigator or complete this form to receive an appointment.

Over 20 Benefit Programs

CASH can help you or someone in your household connect to over 20 benefit programs.  The programs help with things like food, phones, medication, and housing. The screening is free and confidential. CASH can also help you through the application process. to make an appointment register here.   To learn more about the program visit  www.earnbenefits.org.