The child tax credit has reverted lower for 2023 than in previous years, affecting taxpayers with one or two children. However, it can still be claimed alongside the standard deduction and reduces the total tax bill.
The child tax credit has reverted lower for 2023 than in previous years, when it was expanded due to COVID .. This means taxpayers with one or two children may see a lower credit for their children under age 17 than in 2021.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThe child and dependent care credit In addition, up to $3,000 per child can be deducted in child care costs. If you have a dependent care program through your employer, you are also allowed to deduct up to $5,000 year in pre-tax dollars, says Mark Jaeger, vice president of tax operations at TaxAct, a company based in Cedar Rapids, Iowa, that provides income tax preparation software to consumers and tax professionals.
Child Tax Credit 2023 COVID Taxpayers Standard Deduction Total Tax Bill
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