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:
Silk Road int'l expo pushes for deeper Belt and Road cooperationXi Meets Indonesian PresidentGames Wide Open unveiled as Paris 2024 official sloganChina wins artistic swimming team technical at FINA WorldsChina's electricity use mirrors economic recoveryCulture Insider: The evolution of pillows in ancient ChinaRural area shining example of developmentScenery of Xiaxi Reservoir in SW China's GuizhouChina lodges protests against Japan actionsBlueberries enter harvest season in China's Guizhou
2.6081s , 6497.390625 kb
Copyright © 2024 Powered by Got kids? Here's what to know about filing your 2023 taxes ,Global Gleam news portal