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New Tax Laws in 2021: 5 Changes that Taxpayers Should Know About

Even in a normal year, there may be small changes in the ways that people file their taxes. But the COVID-19 pandemic has caused the tax code to change more than usual this year. For this reason, there are several tax law changes in 2021 that taxpayers should know about.

Employee Retention Credit For Businesses Affected By COVID-19

The employee retention credit encourages businesses to keep employees on their payroll.

Eligible employers can claim this refundable tax credit for 50% of up to $10,000 in wages, including related health care costs. The maximum credit is $5,000 per employee. It can be applied against certain employment taxes. Read more.

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New Tax Laws in 2021: 5 Changes that Taxpayers Should Know About

Even in a normal year, there may be small changes in the ways that people file their taxes. But the COVID-19 pandemic has caused the tax code to change more than usual this year. For this reason, there are several tax law changes in 2021 that taxpayers should know about.

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