business

Got kids? Here's what to know about filing your 2023 taxes

Font size+Author:Global Grandeur news portalSource:sport2024-04-30 17:33:48I want to comment(0)

NEW YORK (AP) — There are a few tax tips parents of children 17 and under should keep in mind before

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.

Related articles
  • Top Chinese diplomat meets with executive secretary of ESCAP

    Top Chinese diplomat meets with executive secretary of ESCAP

    2024-04-30 17:15

  • Battle to evict the Versace

    Battle to evict the Versace

    2024-04-30 15:43

  • Baird scores a goal, assists on another by Acosta to help Cincinnati beat Rapids 2

    Baird scores a goal, assists on another by Acosta to help Cincinnati beat Rapids 2

    2024-04-30 15:00

  • Fierceness is 5

    Fierceness is 5

    2024-04-30 14:58

Netizen comments