Tax planner Frank Ellis discusses the Child Tax Credit and what it is worth to people in specific situations, in a new article published on filemytaxesonline.org.
Traverse City, MI -- (SBWIRE) -- 07/18/2016 -- Frank Ellis, a tax preparation expert and published author from Traverse City, Michigan, has published an article online covering how much the Child Tax Credit is worth. It is worth up to $1,000 per child under 17, according to Ellis. Eligibility first depends on the child or dependent meeting certain criteria.
First, they must be 16 or younger on the last day of the tax year in question. The author reveals other criteria such as the child's citizenship status and their status as the taxpayer's dependent. Relationship, living arrangements, and the amount of support the taxpayer provided all come into question, and these qualifications are listed more specifically in the article.
Next, Ellis lists out the maximum for the Child Tax Credit and how certain income levels affect what it is worth. Circumstances triggering a decrease are explained as well.
The article also covers the Additional Child Tax Credit that is refundable. Provisions for this are explained and the author recommends Form 1040 (Schedule 8812) to be used for determining eligibility and the amount. He also suggests e-filing because the software does the math automatically.
Rules regarding more than one person or couple claiming a child for the credits are touched on. Ellis also goes on to explain more opportunities for tax savings, including exemptions, child/dependent care credit, and the adoption tax credit. Depending on one's filing status, they may be able to save more on their taxes.
Lastly, the author recommends e-filing with TurboTax, which asks questions to help one determine if they qualify for the Child Tax Credit. To learn more, go to http://filemytaxesonline.org/how-much-is-the-child-tax-credit/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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