1. Missing a tax break Tax credits and exemptions are available, particularly for those who were financially affected by the pandemic. The latest COVID-19 economic relief package, signed by President Donald Trump on Dec. 27, created a special break for obtaining the Earned Income Tax Credit, a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children.
But the deal isn’t automatic. Filers and the people who help them with their taxes now must be aware of the new option and take the time to review 2019 earnings, as well as earnings in 2020, to calculate the credit. And they cannot simply assume that they won’t qualify for it.