Traverse City, MI -- (SBWIRE) -- 02/17/2014 -- The child tax credit is perhaps the most widely available credit for taxpayers, as there are only a couple of qualifications necessary for the claimant to meet before taking advantage of it, which can reduce the amount of taxes owed by up to $1000 per child.
Obviously, the taxpayer must have at least one child who has lived in their household throughout the entire year. That child must also either be a United States citizen or a legalized resident. If these two qualifications are met, then the child tax credit can be claimed, yielding additional savings and allowing for the taxpayer to keep more of their money.
As with most other credits, there are slight changes as to how the child tax credit is calculated from year to year. Using an older calculator is not a wise move as they're more than likely inaccurate. Fortunately, the new 2014 child tax credit calculator is now available. Teresa Smith, in her article, "Child Tax Credit Calculator For 2014" explains in detail how the credit is meant to work and under what circumstances it can be successfully claimed.
Using a calculator is very important as the credit itself begins to phase out as the adjusted gross income of the taxpayer rises. So those who are in higher income brackets may only be entitled to a smaller amount compared to those who earn less money throughout the year.
Some low income workers may even qualify for an additional child credit, which not only lowers the taxes owed but can even be applied to a refund, helping for them to sometimes receive thousands of dollars back from the federal government during tax season.
As with most things tax related, the calculation can be very confusing, particularly for those who are not familiar with the formula and how it works. So the calculator does the hard work and one can easily estimate the tax credit due to them in just a matter of seconds. Taxpayers are urged to take advantage of the free calculator today, as not doing so risks leaving money on the table that would otherwise be their's for the taking.
Keeping track of all these crazy IRS rules is not easy and it can get very confusing. That is why TurboTax has decided to keep things simple for you.
All people have to do is fill out the information in the online system and it will make sure they are able to claim every single cent of the Child Tax Credit that they deserve.
Company: Easy Income Tax Filing Online
Address: 945 East 8th Street Suite A
Traverse City, Michigan 49686
Telephone No.: (231) 922-0938
Email Address: email@example.com