The Twelve Days of Taxmas – Child Tax Credit
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden rings, we’re focused on providing tips through “The Twelve Days of Taxmas” blog series that could help minimize your tax liability.
On the sixth day of Taxmas, my accountant gave to me information for the Child Tax Credit (CTC). The CTC is fully refundable in 2021 and is $3,000 for children over six years old and $3,600 for children under six years old. However, these amounts are reduced for any advances received from July 2021 through December 2021.
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©2021 Klatzkin & Company LLP. The above represents our best understanding and interpretation of the material covered as of this post’s date and should not be construed as accounting, tax, or financial advice. Please consult your tax advisor concerning your specific situation.