RefundtalkOn January 31st, the House achieved a noteworthy feat by passing a substantial $79 billion tax cut package with widespread, bipartisan support. This package is set to bolster the child tax credit for millions of lower-income families and provide three tax breaks for businesses, garnering coveted policy wins from both sides of the political spectrum.…
Category Archives: Child Tax Credit
How Much is The Child Tax Credit Worth?
During the coronavirus pandemic, the American Rescue Plan temporarily boosted the maximum Child Tax Credit amount to $3,000 (children between the ages of 6 and 17) and $3,600 (children under age 6) for the 2021 tax year. It also allowed eligible taxpayers to receive a portion of the credit through automatic monthly payments instead of…
Why You Can Expect A Smaller IRS Tax Refund In 2023
Changes to tax rules for charitable contributions and the end of pandemic-related stimulus and credits could mean less money for you. It’s highly likely your tax refund will be smaller in 2023, the Internal Revenue Service is warning, as pandemic-era programs continue to expire. Some tax credits that boosted refund bottom lines since 2020 are…
Child Tax Credit Changes For 2023
The 2022 tax season is right around the corner, and now is a great time to start thinking about your upcoming tax return and refund. There have been many tax changes in 2022 that could have an impact on your return in 2023. Preparing ahead is the best way to ensure you can save money…
Take a look at the updated ChildTaxCredit.gov
On January 28, 2022, the federal government launched a new website to help families claim the second half of their Child Tax Credit, for those who chose to receive monthly payments. (It also helps you figure out how to claim your credit if you didn’t claim any payments yet.) The first half of the child tax…
What is IRS Letter 6419 and why does it matter before you file taxes?
Child tax credit recipients need to be on the lookout for this letter from the IRS, which has started arriving in mailboxes. In January 2022, the IRS will send out these letters to households. Letter 6419 will serve as a reminder to log into your IRS tax account and make sure the advance Child Tax…
IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments
The Internal Revenue Service today updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit to help eligible families properly claim the credit when they prepare and file their 2021 tax returns. This extensive FAQ update (FS-2022-03) PDF includes multiple streamlined questions for use by taxpayers and tax professionals and is being issued…
The last monthly child tax credit payment of 2021 is being distributed
The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their final advance Child Tax Credit (CTC) payment for the month of December. Eligible families who did not receive advance payments can claim the Child Tax Credit on their 2021 federal tax return to receive missed payments…
IRS will send out the last Advance Child Tax Credit payment by December 15, 2022
The Internal Revenue Service (IRS) is preparing for the sixth and final batch of monthly child tax credit payments. The first five payments were sent between July 15 to November 15, while the last payment is scheduled for December 15. There will then be payments of up to 1,800 dollars or 1,500 dollars, depending on the age of the…
November advance Child Tax Credit payments
The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November. Low-income families who are not getting payments and have not filed a tax return can still get one, but they must sign up on IRS.gov…
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