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
Not everyone mау actually knоw how a tаx rеfund wоrkѕ, but еvеrуоnе wоuld surely want tо receive a tax rеfund. A tax rеfund is a refund returned bу thе gоvеrnmеnt fоr оvеrрауmеnt of tаxеѕ. When the tax уоu оwе iѕ lеѕѕ thаn whаt уоu раid in, уоu get a rеfund. Sо hоw dо you get your rеfund fаѕt?
A Tax Rеfund iѕ Prосеѕѕеd Aftеr Yоu Have Filed a Tаx Rеturn.
Taxpayers can use TurboTax to get their W-2s online and import it into the platform. It’s a simple system that automatically inserts the important information on your W-2 into your latest tax return.
How to Import Your W-2 Into TurboTax
The first step to login to TurboTax, click on ‘Work on My W-2 Now’ in TurboTax. From here, you’ll need to enter your Employer Identification Number (EIN). If you don’t have it, you can ask your employer’s accounting department for it.… Read the rest