The Child Tax Credit (CTC) of 2021 is set to be a game-changer for low-income families with children, and The Biden Administration estimates that these new improvements could go as far as cutting child poverty in half, bringing direct payments to nearly 40 million Americans. Starting July 15th, the plan introduced $3,000 to $3,600 payments per child where eligible and continued monthly payments are planned into the future.
With the credit, the IRS will pay half the total credit amounts in advance monthly payments, meaning even individuals who didn’t claim on their 2020 tax returns actually have the opportunity to apply, with half of the payments being claimed with the 2021 tax return.
If you do qualify, here are some steps to take to use these funds to secure a strong financial future for your child.
The CTC hopes to cut child poverty in half, but remember payments are only the first step. Sign up for an account today, to make the most out of your CTC payments. Be sure to contact us with any questions. We’re happy to get you started on providing the best possible future for your child.
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