With the 2025 tax season just a few months away, taxpayers should know the contribution limit to know if they contributed more than the limit or not to estimate their tax liability for the 2024 tax year. Taxpayers who contribute to their retirement through 401k plans can check the full details here.  401k Contribution Limits … Read more

The refundable portion of the Child Tax Credit, the Additional Child Tax Credit (ACTC) is worth up to $1,600 per eligible child. To get the ACTC payout eligible Individuals must submit a Schedule 8812 along with their Form 1040 before the deadline. The ACTC payout will be provided to only those who meet the adjusted … Read more

Individuals who are waiting for their refund amount and want to check the status of their IRS refund for the qualifying tax year can conveniently do so through the IRS’s “Where’s My Refund?” tool. The status of taxpayers’ refunds will show around 24 hours after e-filing their tax returns for the current year.   Where’s My … Read more

Veterans who face disability as a result of illness, injury, or other serious condition that occurs during active military duty, military training, or inactive duty training will receive a tax-free monthly amount that they can utilize to cover daily living expenses. Eligible veterans who have a higher disability rating and have dependents will get a … Read more

The Alberta government offers the provincial benefit AISH to Albertans who cannot earn enough due to their permanent medical condition. The government has not announced the 2025 AISH payment dates, however, the reports claim, the date may vary from the 2024 schedule. So, let’s see when you can expect the AISH payout in 2025. 

The WA $700 Electricity Credit is available to households who meet some status requirements on 17 June 2024 and $725 is provided to small eligible businesses under this financial support. The second instalment of $350 for households and $362.50 will be credited in December. Providers will send Synergy or Horizon Power customers their second instalment … Read more

The Ontario Trillium Benefit helps beneficiaries pay for energy costs, sales, and property tax through credits. Ontarians who qualify for the OTB must wonder about their 2025 payment dates, as we are just one month away from 2025. Such recipients can check the 2025 OTB payment dates here and mark them on their calendars. Ontario … Read more

It is anticipated that the proposed payment will be provided soon to individuals who satisfy the eligibility requirements but unfortunately, a lot of the information about the $2,000 economic relief payment is still speculative.

During the presidential campaign, Trump party Republicans have not announced any elaborate plan, but J.D. Vance, the current US Vice President has agreed that increasing the credit amount to $5000 will benefit the American families. 

The refundable portion of the child tax credit is also known as the Additional Child Tax Credit (ACTC). The Child Tax Credit (CTC) provides up to $2,000 in tax reductions for every child who fulfills the eligibility requirements. The standard CTC can reduce individuals’ tax to zero.