On March 11, President Biden signed the American Rescue Plan Act into law. It provides an income tax credit that will be paid in advance (in direct deposit or paper checks) to eligible individuals. Individuals will receive $1,400 ($2,800 for eligible joint return filers) plus $1,400 for each eligible dependent. The credit amount is reduced for taxpayers with an adjusted gross income (AGI) of over $150,000 for married joint filers ($112,500 for heads of household and $75,000 for other taxpayers). The credit is completely phased out (reduced to $0) for taxpayers with an AGI of over $160,000 for married joint filers ($120,000 for heads of household and $80,000 for other taxpayers). Call or visit our website for more information! www.mjscpa.com/
