About Child Tax Credit
Finance Tax

About Child Tax Credit

Published at 02/24/2012 23:35:30


About Child Tax Credit

One has to be a taxpayer and have at least one dependent child to be able to apply for the child tax credit. Each family look forward to receiving the child tax credit each year for various reasons. The US government allows  taxpayers to receive at least $1,000 plus additional tax credit for each child. Taxpayers in the Uk who have dependents are qualified for tax credits as well. Their amount is somewhat different from what is given in the USA. In the Uk the family's income would have to be below 42,000 lbs. More money is made available for disabled children, plus additional tax credits. If the child is under a year old then  the taxpayer will receive more. Both parents salaries will be taken into account before issuing a refund. There are different laws in regards to claiming the tax credit in different countries. To be more knowledgable, one can check with the relevant website. The dependent child can be your grandchild or your own child, stepchild or foster child, as long as the child is a dependent . Child tax credit in the US takes into consideration fifteen percent of the individual's earning which should be over $3,000, or the total amount of Social Security and Medicare taxes been paid without the earned income credit. There is also an additional child tax credit that one can claim which varies,  Tax returns can be done simply by using software like Turbo tax, for a minimal fee.


About Child Tax Credit

If one does not understand how to claim the child tax credit, you can visit the IRS website and be educated. If you are someone who learns fast, then you can follow the instructions on the 1040 form. Either way it would be a wise decision to file your Income tax early to take advantage of the child tax credit. In the years to come the child tax credit will be reduced to $500. That will be bad news for alot of taxpayers, but still better than nothing. If an individual wants to learn how to   become a tax expert, there are several online companies that offer short courses in becoming a tax guru. Setting up an office can be easy and one can  have an office at home, At the end of the day it's all about the amount of money that an individual can make.  


When claiming for a dependent, the dependent's name, date of birth and Social Security Number should be on the taxpayer's income tax form. There is no limit to the amount of children that one can claim for. The more kids you claim  the more money will be refunded. The 1040 Form is usually the form used to claim the child tax credit. There are people who owe the IRS money so therefore when they claim for their child tax credit the tax department would take that money towards what they owe. 

Tips and comments

It is free to browse the IRS website for a more detailed information on the child tax credit and the relevant tax forms can be downloaded from that website .