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.
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?
Some of the most highly recommended tax software companies are now offering free and paid editions for online tax filing. You’ll pay nothing to file your federal and state taxes if you have a simple tax return.
Start by easily importing your W-2, answer simple questions about your life, and you’ll get you your maximum refund, guaranteed!
The two easiest to use for free and the ones we recommend are:
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.
If you are a member of America’s armed forces, we know how valuable your time is – even when it comes to tax season. That’s why we have compiled a few tips for you to know as you begin the process of paying Uncle Sam.
You don’t need to be an expert in state and federal tax code, and you don’t need to spend the money on an accountant or go to a retail tax service. You just need to use TurboTax Military Free File.… Read the rest