TRUTH 5Child and additional child tax credits
A growing family offers many challenges. Your Uncle Sam wants to help. If you have a child, he’ll give you a tax credit.
Okay. It’s not that easy. But the process of claiming the Child Tax Credit is relatively painless for many parents of young children.
This tax break’s name tells you why it’s so beneficial: It’s a credit. That means the amount is subtracted directly from any tax you owe, potentially wiping out your tax liability. Currently, it’s worth $1,000 per child.
Some parents also are able to claim the Additional Child Tax Credit. If you’re eligible for this tax break, it could net you a tax refund.
Credit history—The credit first appeared as the centerpiece of the Taxpayer Relief Act of ...