ASK NAT, TAX PROFESSIONAL “NEW CHILD TAX CREDIT”
QUESTION: What is the new tax deal in Congress that includes a child tax credit, does it help middle income families?
ANSWER: It’s a bipartisan plan, which includes a new child tax credit that will partially restore the covid-era program. Senate Finance Committee Chair, Ron Wyden D-Oregon said, “It will help over 15 million kids from low-income families be better off.” The covid-era expanded child tax credit helped keep these low-income children out of poverty, but that changed when the credit expired. Lawmakers hope to pass the new child tax before tax season which begins on January 29th.
· The new plan ensures families with lower incomes and multiple children qualify for a larger portion of the credit.
· It adjusts the refundable portion of the child tax credit amount for inflation.
· It will increase the amount of the Child Tax Credit.
(Start talking with your tax professional about tax season now but wait to file until this new deal has passed.)
#taxcredits #taxcredit #taxpreparation #taxpreparer #taxes #tax #cpafirm #cpa #cpas #accounting #accountant Natalie O’Neal Donn DeGeorge Thomas M. “Mickey” O’Neal, CPA Maninder Kaur
