Q: What happens if two different taxpayers claimed the CTC for the same qualifying child? A: In some cases, a child meets all the IRS tests to be a qualifying child for multiple taxpayers. […]
From the Child Tax Credit Tag
The maximum credit amounts and income limits for the Child Tax Credit differed in 2021 from other years. In addition, many taxpayers received advance CTC payments, and had to reconcile these payments with their […]
Congress did it. Over 50 tax provisions expired at the end of 2014, including accelerated depreciation provisions, child tax credits and earned income credit allowances. And for the past 11.5 months we’ve been in […]
Tax credits offset taxes owed (and may also be refundable) and you should apply for them whenever you can. One of them, The Child Tax Credit, may be worth as much as $1,000 per […]
Taxes are worse than bills on the pain scale. But tax credits can ease the pain, sometimes substantially. A tax credit reduces the amount of tax you must pay. A refundable tax credit not […]