If you’re like us, your daily inbox is jam-packed with newsletters and educational opportunities from like-minded social impact leaders. These spectacular humans work around the clock to foster positive change in their communities. Then, somehow, find time to share their story with fellow nonprofit enthusiasts. We tip our hat to them!
Here are just a handful of our favorite nonprofit resources this month:
(WEBINARS) Nonprofit Tech for Good
(ON DEMAND) Nonprofit Management Essentials Free Online Learning
(ARTICLE) 10 Strategies For Recession Fundraising
(DOWNLOAD) The Nonprofit Digital Marketing Checklist
(RESOURCE) The Board Doctor’s Wellness Checkup
Thanks for stopping by to read our picks for top nonprofit news this month! If you’re interested in hearing more from us, subscribe to our newsletter today!
About Blue Fox: Our team provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to comprehensive virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email firstname.lastname@example.org, and visit www.YourBlueFox.com.
Attention parents who are taxpayers! (That should be all of you, ha-ha). The recent changes to the 2021 child tax credit is something you should understand. Yes, the tax credit will help struggling families. However, for families that do not need extra financial support, your action is required to opt out. If you don’t (said in our best Liam Neeson voice), your 2022 tax return and refund may be way out of whack.
The IRS will provide updates here when they launch the online portal where families will be required to provide their demographic information and/or to opt out. If you would like to be notified by our team when this happens, subscribe to updates here.
And as always, if you have questions, our friendly tax team is available to help at (321) 233-3311 and email@example.com.
Now, let’s take a deeper dive into what the 2021 child tax credit expansion is all about.
What is the 2021 Child Tax Credit?
Under the new American Rescue Plan, the child tax credit amounts have increased from $2,000 per child to $3,000 per every child between the ages of 6 and 17, and $3,600 for every child under the age of 6. If you have a dependent who is 18 years old, you can receive a $500 payment for them [this includes dependents ages 19 to 24 who are currently full-time college students].
Who gets it?
If you normally receive the child tax credit on your 1040, you'll be automatically opted into an advanced payment of the credit for quarterly payments. Every taxpayer with a child on their 2019/2020 taxes, will start getting tax money. Once the credit amount is determined, 50 percent of the amount will be paid in advance payments from July to December 2021. The remaining 50 percent will be claimed as a credit on the taxpayer’s 2021 tax return.
2021 Child Tax Credit Calculator
Are you wondering how this new tax credit will affect you? Use this handy tax credit calculator to find out. Note: you will need information from your 2019 tax return.
Need more help?
Our team at Blue Fox is up to speed on the latest tax law changes, and there are many. As you can imagine, tax preparation has never been more complex or intricate than it is this year. Can we help
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