Oh, the joys of having children!
Today, it is difficult for parenthood to have its rewards. Children want us to buy them the most expensive toys and clothing and that spending can sometimes feel fruitless. As with struggling to finish a marathon, we strive, hoping there will be a light at the end of the tunnel. Luckily the IRS understands this struggle and gives parents a little something back. The Child Tax Credit and the Additional Child Tax Credit serve as the cushioned shoe inserts that help us finish.
Child Tax Credit (CTC) Facts:
- You must have a qualifying child.
- You must have earned greater than $3000 of Income.
- Each child can receive up to $1000.