Information About Child Tax Credit Related Deductions

If you have kids, you should know about the child tax credit related deductions you can take that can save you money on your income taxes or even get you a bigger refund. One is called the Child Tax Credit. This particular deduction cannot be claimed by everyone, there are qualifications that must be met. For example, if a tax payer's adjusted gross income is above the cutoff point they would not qualify for this credit. The majority of middle class families are likely to qualify for the Child Tax Credit.

Once the income requirements are met, the other criteria is rather simple and straightforward. The child or children must be under 17 years of age and must have lived with the parent or parents taking the deduction for more than half the year. Most people have no problem meeting these requirements and can take advantage of this helpful deduction. It can lighten the load for many families by lowering their tax bill and maximizing their potential refund. For each child, a certain amount is allowed.

Some families with children are also eligible for the EIC or Earned Income Credit. While this credit is not exclusive to parents, many parents do qualify. This credit is for those who were employed through the year but their wages were under a certain threshold. If a single or married filing jointly taxpayer had children, they would likely get a higher credit, because they would get a certain amount for each child. This is another way the federal government offers help to taxpayers who may not earn lots of money. This particular credit requires that a person try to earn a living, even if they are not earning a very good one.

For working parents, you may be able to get a Child and Dependent Care Expenses credit. This credit is for those who utilized the paid services of childcare for their children while they were at work. Once again, this credit can help families who need the money save on their taxes and help them get the largest refund they can. As you can see, there are a variety of tax credit child deductions available and those that can help families. The IRS or your professional tax preparer can provide you with more information on this and other tax related subjects if you have questions about the various credits available.






 

 

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Child Tax Credit News:

 

Taxpaying immigrant's access to the Child Tax Credit remains - Tribuna

Taxpaying immigrant's access to the Child Tax Credit remains
Tribuna
As a direct result of our collective advocacy, Congress just passed the payroll tax cut extension without cutting off taxpaying immigrants from accessing the Child Tax Credit (CTC). This is an amazing win for children, for immigrant families and for .

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Fight in Congress over child tax credit
Hundreds of thousands of undocumented immigrants have received IRS refunds based on the federal child tax credit, and now congressional Republicans are trying to stop the practice...


Republicans target child tax-break 'free-funds' for illegal immigrants
Republicans are pushing a proposal that would halt what amounts to an IRS-administered entitlement that provides "free-funds" to low-income illegal immigrant filers who take advantage of a child tax credit to receive government payments that average about $1,800. ..


Where Gingrich, Paul, Romney and Santorum stand on key issues - Detroit Free Press

New York Times
Where Gingrich, Paul, Romney and Santorum stand on key issues
Detroit Free Press
28 Michigan primary stand on social issues, the federal bailout of General Motors and Chrysler, federal health care, taxes, immigration and foreign policy. Gingrich: Anti-abortion, including in cases of rape or incest, though in the 1990s, .
Time for Tax ReformNational Review Online (blog)

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Don't file your tax returns yet! - Redlands Daily Facts

Don't file your tax returns yet!
Redlands Daily Facts
Credits that are often missed include the child and dependent care credit, education credits and earned income tax credit. The IRS recently sponsored Earned Income Tax Credit Awareness Day to educate the public about the availability of this refundable .

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Critics slam Liberal budget - Surrey Now

Critics slam Liberal budget
Surrey Now
. budget revealed today heralds tax savings for BC Families in the form of a $10000 maximum grant for new home buyers, a $1000 maximum home renovation tax credit for seniors and fitness and arts tax credits for children to the tune of $25 per child.

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Millions missing out on tax credit - Albany Democrat Herald

kypost.com
Millions missing out on tax credit
Albany Democrat Herald
The refundable tax credit is given to individuals or married couples filing jointly who meet specific income and family criteria. For example, a married couple with three or more children making less than $49078 can get a maximum credit of $5751.
Biz Brain: The elimination of the Making Work Pay Tax CreditThe Star-Ledger - NJ.com
Tax Season Aid and Loans Abound at CUsCredit Union Times

all 21 news articles »
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Free childcare places provided at a loss - The Guardian

Free childcare places provided at a loss
The Guardian
Attention should focus on making childcare affordable for all parents now. A starting point would be the reinstatement of the reduction in the childcare tax credit from 70% to 80% for those on lowest incomes. If the government is serious about early .

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For young and old, health care and education are still main budget concerns - Vancouver Sun

For young and old, health care and education are still main budget concerns
Vancouver Sun
For many families, the cost of child care outstrips most of the financial benefit there may be for a parent to work.EUR¯ As for the $25 tax credits for children's fitness and art programs, Hume said it's disappointing not to see more support for fitness .

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