If you are confused about the Advance Child Tax Credit Payment, you aren’t alone! We are here to help you decide whether you should take the monthly payments in July or not. The IRS will be creating two portals within the next few weeks that will help taxpayers.
The child tax credit (usually $2,000 per child), the credit has been increased for 2021 ($3,000 for kids 6 and older on 12/31/21, $3,600 for under 6). Additionally, you will start to see a prepayment for half of this credit from July through December (monthly payments of $250-$300 per child).
✓If you are concerned about how this credit will affect you personally, feel free to contact our office to schedule a tax planning meeting where we can look at your circumstances!