Tax Preparation Expert Reveals Updates on the Child Tax Credit
Frank Ellis discusses the Child Tax Credit for 2015, 2016 in an article recently published at the Easyincometaxfilingonline.com website and tax information resource.
The Child Tax Credit, worth up to $1,000 per child, is the focus of a new article published by tax preparation planner Frank Ellis at Easyincometaxfilingonline.com. One of many tax benefits for those with kids, the credit is available for families with children under 17 and claimed as dependents, says the author. In some cases it can bring tax liability down to zero. Those who qualify for the Additional Child Tax Credit may get a refund in this case.
There is no limit to how many children can be claimed, the author says. Qualifying factors must be met to receive the credit, and are for the most part like claiming a dependent. The qualifiers listed in the article include family relationship, residence, age, financial support provided, and U.S. citizenship. Also, the child must be younger than the taxpayer and be their dependent.
The author also explains that the credit decreases in value as income increases, and lists some of the limitations and phase-outs in the article. In addition, the credit is reduced $50 for each $1,000 one’s income exceeds the numbers listed.
Tax refunds and the Additional Child Tax Credit are covered as well. The guidelines for people with one or two kids are explained in the article, and are different for people with three or more children. Ellis clarifies these differences in this section.
In claiming the Child Tax Credit , Ellis explains that TurboTax makes it easier to claim deductions and keep more of their money with a refund. This credit can put $2,000 or more into one’s pocket, Ellis states. The perks of TurboTax close out the article, as it has over 350 deductions users may qualify for. A link to its free tax refund estimator is also included.
Visit http://www.easyincometaxfilingonline.com/tax-credits/child-tax-credit/ to learn more.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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