If you have children, it is beneficial for you to see if you are eligible for the child tax credit. Today, we are going to be discussing some of the benefits that come along with the child tax credit.
Reduces Your Tax Liability
If you are eligible to receive the child tax credit, you can lower your federal tax bill by up to $1000 per qualifying child that is under the age of 18. This means that by claiming this tax credit it is possible to lower your outstanding balance to the IRS to zero.
You May Also Qualify for the Additional Child Tax Credit
In the event that your outstanding balance due for your taxes is lower than the amount of the child tax credit you may qualify for the additional child tax credit. This means that you would have money refunded to you in the form of a tax refund.
It is Easy to Claim
As long as you are eligible for the child tax credit, you can claim it easily. You do not have to itemize your deductions or anything out of the ordinary. Therefore, if you qualify for the child tax credit it can be beneficial for you to take advantage of the credit.
Huddleston Tax CPAs is a Seattle CPA firm, and here’s some advice: There are quite a few benefits of the child tax credit and those who are eligible to claim this credit are encouraged to do so. It could help you lower your tax liability, which is a great way to start the year. Take a look at the tax and accounting services we offer! Get in touch with us at (425) 483-6600 for a tax consultation!