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:
Content broadcasting network exhibition to open in BeijingMessi sustains leg injury in Inter Miami winKoke extends Atletico Madrid contract until 2025Tesla execs Drew Baglino and Rohan Patel among those leaving company in bloodbath layZhang makes history to reach 2nd round at Monte CarloBeijing film fest unveils jury, film lineup and key highlightsUNESCO, Gansu announce partnershipTibet kicks off culture, tourism expoIsland welcomes tourists after green upgradeMidweek games in hectic Premier League schedule
1.7438s , 6496.7421875 kb
Copyright © 2024 Powered by Got kids? Here's what to know about filing your 2023 taxes ,World Wave news portal