International Business Start Up Experts Healy Consultants Helping Drive Awareness of New Tax Savings Available to Offset COVID-19 Economic Burdens

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As 2021 comes to a close, Americans can benefit from careful year-end tax planning due to numerous pandemic-related federal measures, including payroll tax credits for self-employed individuals, the earned income tax credit, and $1,400 recovery rebates.

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“People need to get focused on the changes to the tax code now in order to make sure they’re ready to take advantage of them. There is no time better than the end of the year to focus the mind!” concluded Aidan Healy.

International business start-up experts Healy Consultants is helping spread the word that recent U.S federal tax law changes can help businesses and individuals who experienced financial challenges due to COVID-19.

“There have been some significant changes to the US tax code,” stated Aidan Healy, Founder & CEO of Healy Consultants. “Depending on their specific circumstances, different options are available when it comes to year-end tax planning. Consulting an expert is a good idea, since you may have increased ability to determine which income and deductions to utilize to lower your 2021 taxable income if you’re a business owner or landlord, for example.”

Healy Consultants is an international business consultancy with a track record of excellence since 2003. The firm utilizes its global business startup and expansion expertise to advise entrepreneurs, business executives, companies, and governments around the world, including those with language and cultural differences, on international tax, compliance, and regulatory issues. Learn more at healyconsultants.com.

There are numerous pandemic-related tax breaks now available. Specifically, they include:

  • An expanded dependent care tax credit,
  • Payroll tax credits for self-employed individuals,
  • Considerable increases in the child tax credit and the earned income tax credit, $1,400 recovery rebates, and
  • An exclusion from income for certain student loan forgiveness.

In addition, people need to remember that since 2018, the popular exemptions for claiming a dependent have been replaced by:

  • an increased standard deduction
  • a larger Child Tax Credit (now worth up to $2,000 per qualifying child)
  • a bigger Additional Child Tax Credit (up to $1,400 per qualifying child), and
  • a new Credit for Other Dependents, which is worth up to $500 per qualifying dependent (not to be confused with the Child and Dependent Care Credit)

“People need to get focused on the changes to the tax code now in order to make sure they’re ready to take advantage of them. There is no time better than the end of the year to focus the mind!” concluded Aidan Healy.

About Aidan Healy
Based in France, Aidan Healy advises business and government executives from around the world on their expansion plans. Born and raised in Ireland, Healy established Healy Consultants in Singapore in 2003. He began as a consultant at Ernst & Young, Bahrain, then became an Assistant Vice President at Credit Suisse Group. Healy graduated with a Bachelor of Arts degree in Accounting and Finance from Dublin City University.

About Healy Consultants
Global business set-up experts since 2003, Healy Consultants offers a wide variety of consulting services to companies around the globe, including Company Registration, Accounting & Tax planning, Advisory Services, Banking Solutions, Company Migration, Crypto-solutions, and Legal Solutions. Learn more at healyconsultants.com, LinkedIn, Facebook, YouTube, Twitter, and Instagram.

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