NEW YORK (AP) — There are a few tax tips parents of children 17 and under should keep in mind before filing, tax pros say. Here’s what to know:
The child tax credit has reverted lower for 2023 than in previous years, when it was expanded due to COVID. This means taxpayers with one or two children may see a lower credit for their children under age 17 than in 2021. It’s still up to $2,000 per child, though, and it can be claimed alongside the standard deduction and reduces your total tax bill, said Eric Bronnenkant, director of tax at Betterment, a financial advisory company that provides digital investment, retirement and cash management services.
The child and dependent care credit is available for expenses paid for a qualifying child for day care. It can also be used for dependents who are not able to care for themselves, if the requirements are met.
Related articles:
Related suggestion:
Young Ugandans tangle in the mud. They dream of becoming professional wrestlersChina's online transactions rise during Spring Festival holidayChina's industrial profits up 10.2 pct in first 2 monthsNew focus boosting global supply chainsEnergy storage industry put on fast track in ChinaBlack sailor killed at Pearl Harbor FINALLY identified more than eight decades after 19China's express delivery sector sees doubleVatican complains after French court rules in favor of nun dismissed from religious orderChina identifies 15,000 projects to be backed by 1China's online transactions rise during Spring Festival holiday
1.9216s , 6497.5234375 kb
Copyright © 2024 Powered by Got kids? Here's what to know about filing your 2023 taxes ,World Wave news portal