Are you looking for an Advance Child Tax Credit?
In this hard time of the pandemic, are you thinking to bring back some extra money in your pocket this year? Here is the good news from IRS for all the taxpayers having children. Eligible Families may apply for the Child Tax Credit
Announced by the IRS, it will issue information letters to Advance Child. The letter will include the total amount of advance Child Tax Credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. Our Taxpayer clients should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records. Using this information, provided by you, our tax preparers can reduce errors and delays in processing.
Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return.
Eligible families who did not receive any advance Child Tax Credit payments can claim the full amount of the Child Tax Credit on their 2021 federal tax return, filed in 2022. This includes families who don’t normally need to file a tax return.
We urge people receiving these letters to make sure they hold onto them to assist us in preparing their 2021 federal tax returns.