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Cookie Policy for Slzii.com

This is the Cookie Policy for Slzii.com, accessible from slzii.com

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Search (News)

2025 Income Tax forms expected to be available in early March
Child Tax Credit will jump to $2,240 for each qualifying child By Samoa News staffreporters@samoanews.comPago Pago, AMERICAAN SAMOA — The American Samoa Department of Treasury has announced that the income tax forms for Tax Year 2025 are expected to be available during the week of March 9, 2026, according to Acting Treasurer Carri-Lee Magalei-Tulafono. This timing is designed to give residents and taxpayers adequate notice to prepare for their upcoming tax filings. Notably, the CTC has increased significantly and now ACTC families with one or two qualifying children will also be eligible, not just those with three or more.The delay in releasing these tax forms is attributed to recent legislative updates and new federal guidelines that must be integrated into the tax system. Such changes are crucial to ensuring that the forms comply with current regulations and reflect any modifications to tax credits and deductions.Moreover, the Territory is currently awaiting the successful finalization of legislation concerning the Earned Income Tax Credit (EITC). This particular credit is vital for low- to moderate-income working families, and the adjustments will ensure that EITC processing aligns with the most recent federal tax regulations. Additionally, federal authorities have made significant adjustments to the Child Tax Credit (CTC) and the Additional Child Tax Credit (ACTC) for the 2025 tax year. Key changes include:— An increase in the Child Tax Credit (CTC) from the previous amount of $500 to an enhanced $2,240 for each qualifying child. This increase is designed to provide greater financial support to families.— The Additional Child Tax Credit (ACTC) will rise from $1,400 to $1,700 per qualifying child, offering enhanced relief for those who qualify.— Crucially, the ACTC will no longer be restricted to families with three or more qualifying children. Now, families with one or two qualifying children will also be eligible for this important tax benefit, allowing more households to take advantage of the credit.To allow taxpayers ample time to navigate these adjustments and ensure accurate filings under the revised provisions, the Department of the Treasury has announced an extension of the local income tax filing deadline to May 29, 2026. This extension is intended to benefit all taxpayers by enabling them to maximize their available credits and deductions.The Treasury Department expresses its gratitude for the public's understanding and patience as they adapt to these significant tax changes. For any inquiries, clarification, or assistance regarding these updates, residents and taxpayers are encouraged to reach out directly to the Tax Office for support.Section: Local NewsTags: 2025 income tax
2026-02-19 17:27:07

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Child Tax Credit will jump to $2,240 for each qualifying child By Samoa News staffreporters@samoanews.comPago Pago, AMERICAAN SAMOA — The Am...
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