IRS Urges Taxpayers to File Promptly Despite Pending Child Tax Credit Changes
IRS Urges Taxpayers Not to Delay Filing Amid Child Tax Credit Talks
In the United States Senate, there is a plan to make the child tax credit bigger. This means families could get more money back when they file their taxes. Right now, the credit gives up to $2,000 for each child but only $1,600 of that can be refunded if you do not owe taxes. The new plan would raise this refundable part to $1,800 in 2023 then $1,900 in 2024 and finally $2,000 in 2025. This change could help families get more money back, especially if they do not owe any taxes. Even though this plan is still being talked about the IRS says people should not wait to file their taxes. The IRS has already processed millions of tax returns and given out millions of refunds. The average refund this year is around $3,182. So, if you are thinking about filing your taxes, you shouldn’t wait too long. The deadline for most people is April 15th.
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2024 Child Tax Credit Update: How Changes Post-Filing Affect Your Taxes (PHOTO: NCBPIpc)
IRS Assures Taxpayers of Refund Accuracy Regardless of Potential Child Tax Credit Amendments
While it is uncertain if the new child tax credit rules will pass, the IRS is ready to handle any changes. If the new plan becomes law, it might affect taxes from 2023 onwards. But no matter what happens the IRS promises to make sure everyone gets the refund they are owed. So, if you’re eligible for the child tax credit, it is a good idea to file your taxes on time and not wait for the rules to change.
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