As with any tax credit, refund or deduction, there are a few rules that will influence the amount that eligible applicants will receive.
Here is a breakdown of everything you need to know about the Child Tax Credit and Additional Child Tax Credit
How Much do You Get Back in Taxes for a Child?
The child tax credit for 2020, 2021, is worth up to $2,000 per child that is under the age of 17. To be eligible to claim the child tax credit, your child or dependent must first pass all of the eligibility tests:
Must be 16 or younger on the last day of the year
Must be a US citizen, US national, or a resident alien
Must be claimed by you as a dependent
Must be related to you by blood, or step relationship, or legally adopted child/foster child
Must have resided with you for more than half of the year (special rules apply for special circumstances such as divorce)
You must have provided them with more than half of their support
What is the New Child Tax Credit Amount After Tax Reform Changes?
Did you make a successful investment this year, or did you sell a property? If that’s the case, you may need to pay capital gains tax. This is a perplexing aspect of the tax code, and we are going to make it much clearer for you.
What is Capital Gains Tax?
Investors from small fish to huge firms are all eligible to pay capital gains tax. Practically all money gained through an investment is taxable, and you need to be aware of that.… Read the rest
Tax filing season is on the way and you might be expecting a tax refund. The Internal Revenue Service (IRS) has already put out an official reminder to taxpayers about the steps they should take if they want to avoid their tax refunds being delayed. These steps will also enable the smooth processing of their tax return.
An increasing number of people are turning to TurboTax to get their income tax prepared and filed every year. They take all the hard work and stress out of tax form preparation and will always get you the largest refund.
As you go through the process of importing income and expense information into the TurboTax Online Software, you will see possible tax deductions and credits that you may qualify for, and how much money you can save on your tax bill.… Read the rest
Every time tax season rolls around tax filers find themselves experiencing stress, worry, and anxiety. Some tax filers even delay until the last minute possible because they think it will be easier that way.
What if we told you that there is free tax software available for your taxes that will make doing your taxes easier than ever? Well, it’s true!
This time, when tax season rolls around you can avoid experiencing stress, worry, and anxiety. You don’t have to look at your taxes as a once a year chore that is a pain in the bum anymore.… Read the rest