Are You Aware of the Child Tax Credit Changes?
The Child Tax Credit was introduced through the Taxpayer Relief Act of 1997 and it was a $500-per-child nonrefundable credit to provide tax relief to families. And over the past 20+ years, there have been a dizzying number of modifications that have increased the value of the tax credit as well as expanded its availability.
Well in 2021 – and only for tax year 2021 – thanks to the American Rescue Plan Act of 2021, there have been additional changes that will help families receive advance payments starting this summer. Here is what you should know (taken directly from the IRS).