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Child Tax Credit
The saying goes that it takes a village to raise a child. Even if you have friends and family helping you with childcare, there’s no denying that kids are a lot of work and require a lot of resources. With this thought in mind, the Internal Revenue Service (IRS) allows parents to claim a tax credit to ease the financial burden of having kids. The Internal Revenue Service gives a tax credit to parents to help offset the costs of raising a child. Recently, the IRS made changes to the child credit for the 2021 tax year, including monthly payments and extending the eligibility age range. This guide will cover these changes and everything else you need to know about the Child Tax Credit. These changes were not part of a dedicated Child Tax Credit stimulus bill but of the American Rescue Plan, signed into law in March of 2021. It was brought into effect to offset the negative impact of the Covid-19.
Table of contents
What is the Child Tax Credit?...Read more
What are the benefits of the Child Tax Credit?...Read more
Eligibility requirements to receive the Child Tax Credit...Read more
Who qualifies for the Child Tax Credit?...Read more
Child Tax Credit income limit...Read more
Differences between 2020, 2021 and 2022 Child Tax Credits...Read more
Child Tax Credit payment schedule...Read more
Child Tax Credit opt-out option...Read more
Do you need to pay back money from the Child Tax Credit?...Read more
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