LedgerSummit.com - Tax Services’ Post

Child Tax Credit in 2024: What You Need to Know! 💰 It’s important to stay informed about changes in tax legislation, especially if you have children. The Child Tax Credit is a significant aid for families, but to make the most of it, you need to understand all the details. 🔹 Credit Amount: In 2024, the amount of the Child Tax Credit is up to $2,000 per child. For children under 6 years old, it’s up to $3,000! This money can significantly reduce your tax liabilities. 🔹 Eligibility: The credit is available for each child under the age of 17, provided they are your dependent. Make sure you have all the necessary documents to prove this. 🔹 Phaseout: The full credit is available for families with an income of up to $200,000 (or $400,000 for married couples filing jointly). If your income exceeds this threshold, the credit amount will gradually decrease. 🔹 Refundable Portion: The Child Tax Credit is partially refundable, which means that even if your tax bill is zero, you can receive up to $1,400 per child as a refund. ❗️Don’t miss the opportunity to ease your financial burden with this credit! Ensure that you fill out all forms correctly and submit your documents on time. If you have any questions, it’s best to consult a tax specialist. 🤗 Take care of yourself and your loved ones, and let tax benefits work for you! #ChildTaxCredit #TaxCredits2024 #FamilyFinance #TaxBenefits #ParentingTips #FinancialRelief #TaxAdvice #2024TaxSeason #SaveMoney #TaxPlanning

🚨 2024 Child Tax Credit Update 🚨 🌟 Exciting News for Families! 🌟 Here's what you need to know about the Child Tax Credit (CTC) for 2024: 🔹 Credit Amounts: The maximum CTC remains at $2,000 per qualifying child. The refundable portion has increased from $1,600 to $1,700. 🔹 What's Happening in Congress?: A bipartisan bill to expand the CTC passed the House earlier this year, but it's currently stalled in the Senate. 🏛️ The proposed expansion would adjust the credit for inflation and allow families to use prior year income to determine the refundable amount. 📈 🔹 Eligibility: The CTC applies to children under 17 who live with you for more than half the year and who you claim as dependents. 🏠 Income thresholds apply, with the credit amount reducing as income increases. 💼 🔹 State-Level Credits: Some states have introduced or expanded their own child tax credits, providing additional benefits that vary by state. 🌍 ⚠️ Stay Tuned: No vote is scheduled in the Senate yet, but discussions are ongoing. We'll keep you updated! 📅 For more information and personalized assistance, we're here to help at CyFair Tax and Services. 📞 Call us at 832-850-6602. Let's maximize your benefits together! 💰 #ChildTaxCredit #TaxUpdate #FamilyFinance #TaxPlanning #SterlingTaxAndAccounting #FinancialTips #CyFairTaxAndServices

Wondering about CHILD TAX CREDIT vs OTHER DEPENDENTS CREDIT? Here's an updated post with information about the Child Tax credit and Credit for Other Dependents: 👶 **Child Tax Credit Reminder:** If you claim at least one child as your dependent on your tax return, you may be eligible for the Child Tax Credit. Life circumstances change, so even if you didn't qualify before, you might now. Here are key details: - Maximum credit: $2,000 per qualifying child - Dependents must be under 17 - Phase-out at $200,000 (individual) or $400,000 (married filing jointly) - Consider Credit for Other Dependents if your dependent doesn't qualify 👨👨👧👧 **Credit for Other Dependents:** - Maximum credit: $500 per qualifying dependent - Qualifying dependents can include older children, relatives, or non-relatives - There's no age limit for dependents eligible for this credit - Same phase-out thresholds as the Child Tax Credit apply For more info, please give us a call or read Publication 972 from IRS. #TaxTips #ChildTaxCredit #TaxSeason 🤑 https://lnkd.in/eXw6--8H

I wanted to provide some clarification about the CTC (Child Tax Credit) as I've noticed numerous articles circulating online and questions being raised in tax groups. While there are no new CTC payments being issued by the IRS this month, it's essential to understand the existing framework. In 2020/2021, the CARES Act led to a temporary increase in the CTC payments, with additional disbursements made in 2021. These payments served as advances on the amount eligible individuals would receive based on their tax returns. For those eligible, the CTC remains available when filing taxes, particularly for qualifying children. To learn more about the Child Tax Credit and its eligibility criteria, you can visit the IRS website using the following link: https://lnkd.in/gbEjR-wD #childtaxcredit #incometax #taxes

If you welcomed a new addition to the family this past year, don't forget the child tax credit can potentially result in tax savings for qualifying families. Key takeaways: - The Child Tax Credit can potentially help qualifying taxpayers lower their tax bills by $2,000 per qualifying child. - There are 7 general eligibility requirements that determine whether a taxpayer and their dependent qualify for credit. - The credit is factored in after you’ve calculated taxes and can potentially reduce what you owe. - If the credit cancels out your tax bill, you can potentially receive a refund up to $1,600 per qualifying child after filing your tax return. Learn more at https://bit.ly/4c0xeIC

Did you know the Child Tax Credit could put $2,000 per child back in your pocket? Learn more about the eligibility requirements and how to maximize this benefit in our latest blog. https://hubs.li/Q02MwBRH0

Business Owners, Don't Miss Out on the Child Tax Credit! 🍼💰 Are you a business owner with children? You might be missing out on a substantial tax benefit! The Child Tax Credit can significantly reduce your tax burden, helping you keep more of your hard-earned money. Here’s how you can apply: Understand the Child Tax Credit The Child Tax Credit is designed to provide financial relief to parents, offering up to $2,000 per qualifying child under the age of 17. Check Eligibility Requirements Ensure your children meet the age and residency requirements and that you have a valid Social Security number for each child. Gather Necessary Documentation Prepare your tax return with the required information, including your child's Social Security number and proof of income. File Your Tax Return Include Form 1040 or 1040-SR in your tax return, and claim the Child Tax Credit by filling out the appropriate sections. Make sure to double-check for any errors to avoid delays. Seek Professional Assistance Managing tax credits can be complex. Consult with a tax professional to maximize your benefits and ensure compliance with IRS regulations. Optimizing your savings and ensure IRS compliance. For more information on how to apply for the Child Tax Credit, contact our Founder & CPA Anshul Goyal at anshul@incencred.com or schedule a meeting by visiting. Don’t miss out on this valuable opportunity to save! 🌟 #ChildTaxCredit #SmallBusiness #TaxSavings #IRSCompliance #FinancialRelief #TaxBenefits #FamilyFinance #BusinessOwners #TaxTips #CPATips

If you welcomed a new addition to the family this past year, don't forget the child tax credit can potentially result in tax savings for qualifying families. Key takeaways: - The Child Tax Credit can potentially help qualifying taxpayers lower their tax bills by $2,000 per qualifying child. - There are 7 general eligibility requirements that determine whether a taxpayer and their dependent qualify for credit. - The credit is factored in after you’ve calculated taxes and can potentially reduce what you owe. - If the credit cancels out your tax bill, you can potentially receive a refund up to $1,600 per qualifying child after filing your tax return. Learn more at https://bit.ly/43pEeeB

If you welcomed a new addition to the family this past year, don't forget the child tax credit can potentially result in tax savings for qualifying families. Key takeaways: - The Child Tax Credit can potentially help qualifying taxpayers lower their tax bills by $2,000 per qualifying child. - There are 7 general eligibility requirements that determine whether a taxpayer and their dependent qualify for credit. - The credit is factored in after you’ve calculated taxes and can potentially reduce what you owe. - If the credit cancels out your tax bill, you can potentially receive a refund up to $1,600 per qualifying child after filing your tax return. Learn more at https://bit.ly/48W5IKr