Child Tax Credit: The rules keep changing but it’s still valuable

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Child Tax Credit: The rules keep changing but it’s still valuable

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February 14, 2023 ,

child tax credit

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law — and it became even better in 2021 for eligible parents. Even though the enhancements that were available for 2021 have expired, the CTC is still valuable for parents. Here are the current rules.
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Smooth sailing: Tips to speed processing and avoid hassles this tax season

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January 25, 2022 ,

tax prep tips

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles.

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Many parents will receive advance child tax credit payments beginning July 15

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May 25, 2021 , ,

child tax credit

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021.

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American Rescue Plan Act: Parents and other eligible Americans to receive direct payments

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March 16, 2021 , , ,

American Rescue Plan Act

The American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.

Here are some answers to questions about these payments.

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Did you get an Economic Impact Payment that was less than you expected?

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May 19, 2020 , , , ,

Economic Impact Payment

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion.

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Tax credits may help with the high cost of raising children

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February 25, 2020 , , ,

child tax credit

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children.

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Stretch Your College Student’s Spending Money With The Dependent Tax Credit

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April 1, 2019 , , , ,

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, but when you’re saving for college or paying tuition, every dollar counts!
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3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

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February 12, 2019 , , , , ,

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree to which these changes will affect you depends on whether you have dependents and, if so, how many. It also depends on whether you typically itemize deductions.
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Tax Breaks for the Middle Class

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May 16, 2014 , , , , ,

Tax breaks for the wealthy grab a lot of headlines, but there are plenty of tax breaks available for middle and low income families if you know where to look. Here are a few of my favorite tax credits:Continue Reading: Tax Breaks for the Middle Class