Got kids? Here's what to know about filing your 2023 taxes
Time:2024-04-30 08:24:17 Source:politicsViews(143)
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:
Child tax credit
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.
Child and dependent care credit and deductions
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.
Previous:The North London neighbourhood plagued by anti
Next:Chinese, Cambodian martial artists make joint performance at famed Angkor
You may also like
- Stunning Michigan castle near Detroit hits market for $2.3M
- JOHN MACLEOD: Could soaring prices mean the humble fish supper has finally had its chips?
- Bayern stars Musiala and Sané racing to be fit for Champions League semifinal vs. Real Madrid
- JOHN MACLEOD: Could soaring prices mean the humble fish supper has finally had its chips?
- Arkansas teacher, 26, is charged with sexually assaulting 15
- Ships from Turkey planning to deliver aid to Gaza were denied right to sail
- Tornadoes in Nebraska and Iowa collapse buildings
- Iraqi authorities are investigating the killing of a social media influencer
- UN human rights chief condemns killings of women and children in Rafah