Families Face Uncertainty as Senate Stalls Decision on Child Tax Credit
Families Grapple with Child Tax Credit Dilemma Amid Senate Standstil
The Senate has not yet decided on the Child Tax Credit, so families are stuck deciding what to do as Tax Day approaches. There are many who question whether it’s better to file their taxes now or to wait and see if anything changes. For each kid under the age of 17, families can currently receive up to $2,000 from the kid Tax Credit; even in cases where they are tax-exempt, a portion of this amount may be reimbursed. However, eligibility is restricted based on certain factors, such as your income and whether the child is a dependent on you.
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Navigating the 2024 Child Tax Credit on Tax Return- What To Know? (PHOTO: CNET)
IRS Encourages Tax Filings Amidst Child Tax Credit Uncertainty
You can submit your taxes now even if you’re waiting for the Child Tax Credit to change, according to the IRS. If anything has to be changed later, they will. It can still be worthwhile to file now because there are additional tax credits available, such as the earned income tax credit. In order to receive more financial assistance, families should also investigate various tax breaks such as the child and dependent care credit or the supplementary child tax credit. It’s a good idea to look into the child tax credits that certain states offer as well. Before filing, it’s advisable to consult a tax adviser to determine what will work best for your circumstances.
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