March - 2021

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Trout, James & Associates Company Blog

It's our job to keep our clients informed, especially in the current climate of exceedingly fast news cycles and social media it can be hard to keep up on what is important.

This blog is meant to bring you all the important tax, financial and legal information as it breaks. The laws are constantly changing and this blog is a way for us to provide you with the information we get in the most simple, unbiased and concise way.

Keeping you informed helps both us and you make the best decisions for your own personal experience. We update our company blog weekly with information that matters to you and your family's financial health. We scour the internet and read the articles so you don't have to!

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Breaking News, Finance, Investments, Tax Changes & More...

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Major Boost to Tax Credits for In-Home Employment

Michael Trout

Mar 29, 2021
6 min

Major Boost to Tax Credits for In-Home Employment

Over the past few years, we’ve seen a significant trend toward in-home care – for both children and aging seniors. The COVID-19 pandemic accelerated this trend dramatically as families faced facility closures and sought viable care options that would limit exposure of the virus to them and their loved ones. Concurrently, two other important factors have come into play. First, the 2020 crisis made families and caregivers realize that most of the safety nets for caregivers are

It's Official: Tax Deadline Delayed to May 17, 2021

Michael Trout

Mar 18, 2021
3 min

It's Official: Tax Deadline Delayed to May 17, 2021

The Treasury Department and Internal Revenue Service have officially announced that the federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on im

$1,400 Stimulus Payments Going Out, First Batch Already Received

Michael Trout

Mar 17, 2021
4 min

$1,400 Stimulus Payments Going Out, First Batch Already Received

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. The Internal Revenue Service has started sending out the third round of Economic Impact Payments will begin reaching Americans over the next week. Most taxpayers who are eligible will receive the payments via direct deposit into the bank ac

IRS to Delay 2021 Income Tax Filing Deadline to...

Michael Trout

Mar 16, 2021
3 min

IRS to Delay 2021 Income Tax Filing Deadline to...

April 15 is not the tax filing deadline for 2021. Officials with the Internal Revenue Service and the U.S. Department of the Treasury have said the 2021 income tax filing and payment deadline will be pushed back, likely to May 17, 2021. April 15 is not the tax filing deadline for 2021. Officials with the Internal Revenue Service and the U.S. Department of the Treasury have told several media outlets (Reuters) and Congressional offices that the 2021 income tax filing and payme

Understanding & Breaking Down "The American Rescue Plan."

Michael Trout

Mar 16, 2021
5 min

Understanding & Breaking Down "The American Rescue Plan."

On Thursday, March 11, 2021, the American Rescue Plan Act of 2021 (ARPA 2021) was signed into law. This is a $1.9 trillion emergency relief package that includes payments to individuals and funding for federal programs, vaccines and testing, state and local governments, and schools. It is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are summarized here, including some tax provis

New $10,200 Unemployment Tax Break Information & How to Get Your Refund.

Michael Trout

Mar 15, 2021
2 min

New $10,200 Unemployment Tax Break Information & How to Get Your Refund.

The American Rescue Plan Act of 2021, which Joe Biden signed Thursday, waives federal tax on up to $10,200 of unemployment benefits for single adults who earned less than $150,000 a year in 2020. (The ceiling is $20,400 for two workers in a married couple.) Jobless Americans should WAIT to file an amended tax return to get a new tax break on unemployment benefits received last year, the IRS said Friday. This new policy makes it so people who were unemployed entitled to a bigg

Business Tax Effects of New Covid Stimulus Law, American Rescue Plan Act

Michael Trout

Mar 13, 2021
5 min

Business Tax Effects of New Covid Stimulus Law, American Rescue Plan Act

In addition to the $1,400 stimulus payments to many Americans, the American Rescue Plan Act provides many other relief measures, and also some new business tax measures, that should be noted. The American Rescue Plan Act of 2021 (ARPA), enacted by Joe Biden on Thursday, is an approximately $1.9 trillion COVID-19 relief, funding and tax bill that has received a lot of attention for the inclusion of $1,400 direct payments to individuals. What else does it do? An extension of th

New Coronavirus Stimulus Includes Tax Breaks for Individuals

Michael Trout

Mar 11, 2021
3 min

New Coronavirus Stimulus Includes Tax Breaks for Individuals

The new economic relief package passed by the House of Representatives and Senate on Wednesday, March 10, 2021 — the American Rescue Plan (ARP) Act — provides a wide array of tax-related benefits for individuals. Joe Biden has said he will sign the bill into law on Friday, March 12, 2021. Following is a brief summary of several key tax breaks included in the new law. Economic stimulus payments: Congress is hoping that three is the charm. Accordingly, it has authorized a third

Who could be eligible for a third stimulus check? Here's what we know

Michael Trout

Mar 10, 2021
6 min

Who could be eligible for a third stimulus check? Here's what we know

The $1,400 stimulus check is now closer to reality. Here's what we know so far about the third payment (and also the second, if you're still waiting). A third stimulus check could be just days away from officially becoming approved. Once the $1.9 trillion relief bill clears the House again, it's expected to be signed into law by Joe Biden this week. If that happens, will you be eligible for the full $1,400 check? Or will you be left out this time due to the Senate's targeted,

$1,400 stimulus check versus $600 and $1,200 checks: New important details to know...

Michael Trout

Mar 10, 2021
2 min

$1,400 stimulus check versus $600 and $1,200 checks: New important details to know...

While it's not a done deal, the Senate changed up some details for the third stimulus check, making it different from the first two direct payments. The Senate passed the $1.9 trillion relief bill, but not without making some vital changes first. Before the third stimulus checks can be processed and sent out, the House must accept the new changes that could affect your $1,400 payment. Joe Biden's administration hopes the payments can be made starting this month. If approved,

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