Updated: Jan 21
Taxpayers this 2022 tax season will recognize increases on his/her tax return due to the
new laws that has taken place. Under the Tax cuts and Job act along with the American Rescue Plan Act, the CTC which is also known as the child tax credit is now a refundable credit. The CTC has increased up to 3,600 for a child under the age of 8 years old and up to $3,000 for a child over the age of 8 but under the age of 18. A taxpayer can receive a credit depending on your filing status for up to $8,000 on child and dependent care expenses. In addition, its best that all taxpayers whom paid cost of keeping up his/her home for at least 6 months or more claim each child on the return no matter the age only if the dependent child has resided in the home for 6 months or more. This will allow the taxpayer to receive additional credits. On the other hand, the IRS will open up the portals to accept tax returns on Jan 24, 2022. Here at Tax Prep Block we are accepting new clients. Schedule your appointment today.