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, allows you to get back up to $2000 per child in taxes. This is a tax credit, which means it reduces your tax bill dollar-for-dollar, which makes it highly valuable for all families.
With an online e-filing service, you may be able to get your tax refund back in just eight days, especially if you opt to receive it through direct deposit. Last year, the IRS said they managed to provide tax refunds to 90% of taxpayers in 21 days or less.
The New Tax Refund Schedule Dates
For this year, the official start date has not yet been announced by the IRS. The IRS never keeps an official calendar, but they regularly provide an estimated tax refund schedule that says the majority of filers will get their money in 21 days or less, from the date their return is received.… Read the rest