Do You Qualify for the Child Tax Credit? The IRS Can Help

As the country continues to recover and rebuild from the recent economic downturn, many families are concerned about their finances. Families raising children have benefited from being able to declare those children as dependents for a tax credit through the Internal Revenue Service (IRS) when tax season rolls around. Through the American Rescue Plan signed into law on March 11, 2021, the Child Tax Credit has been expanded. 

In this article, we are going to discuss the newly expanded Child Tax Credit and how you may qualify to receive a monthly payment from the IRS. If, after reading this article, you would like further information about this tax credit and if you qualify, we invite you to call the Florida IRS resolution attorneys at the Law Office of Mary E. King, P.L.  

The Law Office of Mary E. King, P.L. can make sure that all your IRS resolutions are evaluated and discussed efficiently and at the lowest cost to you.  Please fill out our online contact form , or call us at 941-906-7585 today.

Prior to the recent expansion, a $2,000 tax credit per child up to the age of 17 years of age could be claimed by single earners who earned less than $75,000 per tax year or married couples filing jointly who earned less than $150,000 a year. 

Under the American Rescue Plan , this tax credit increased from $2,000 to $3,000 for families with dependent children ages 6 to 17. For earners with a child under 6 years of age, the credit has been expanded to $3,600 per each child under 6. 

With this expansion, almost all families with children 17 and under will qualify. Married couples with children making less than $150,000 a year and singles raising children earning less than $112,000 of taxable income will qualify for the full amount of the credit. Higher earning families may receive a smaller credit for dependent children or no credit at all. Married couples with a taxable income under $400,000 and others parents earning under $200,000 will likely qualify for at least $2,000 of the Child Tax Credit. A tax resolution attorney will be able to evaluate the amount of credit you can receive. 

You may still qualify for a Child Tax Credit if you haven’t recently filed taxes. Only married earners making $24,800 or more, head of household earners bringing in $18,650, and single filers making $12,400 were required to file taxes this year. If you made less than these amounts, you can still receive monthly Child Tax Credit payments from the IRS.  Those who haven’t filed yet but plan to file past due tax returns can still qualify for payments. 

For those who filed for 2019 or 2020, and those who signed up to receive stimulus checks from the IRS, you should automatically receive this tax relief. Monthly payments are scheduled to be first disbursed on July 15 th , 2021, and on the 15 th of each month until you receive the full amount of the credit owed to you. You should receive a direct deposit if you have a back account on file with the IRS. A check will be mailed to your address on file if the IRS does not have your bank account information. 

You may also opt-out of monthly payments to receive a lump sum if preferred. However, if you chose the lump sum option, you will receive the full Child Tax Credit in full next year when you file your tax return. Additionally, no other benefits you receive (SSI, SNAP, WIC, etc) will affect the amount of the tax credit owed to you. 

We invite you to reach out to the Law Offices of Mary E. King.  Tax matters can be complicated, and thus, it is always helpful to have someone in your corner who understands the tax law and deals with the IRS on a regular basis.  There are multiple issues you may have concerning the IRS, and having a seasoned tax defense attorney can help.  

So, when it comes to dealing with tax relief and tax litigation, you need to talk to tax defense attorneys in Sarasota, Florida who can help.  Mary E. King has spent her career concentrating on tax law and can help you with tax scams in Florida and elsewhere.  Attorney King has a wealth of information about what types of options would make the most sense for you and your business.

That helps explain why she’s received an A+ rating from the Florida Better Business Bureau. If you have a tax-related issue – no matter how small or how large – setting up an initial consultation with Mary E. King, a tax attorney in Florida, is the first step you should take towards relief.

The Law Office of Mary King P.L. offers complete IRS problem-solving services including all areas from tax debt settlement to planning the most efficient tax strategy for individuals and businesses.  Call us today to schedule an initial consultation.  With years of experience as a tax lawyer in Sarasota for many clients, Attorney Mary E. King can make sure that your tax issues are resolved in your favor.  Fill out our online contact form , or call us at 941-906-7585.   Remember, at the Law Office of Mary E. King, we are focused on solving your tax issues for good.

The information in this blog post is provided for informational purposes only and is not intended to be legal advice. You should not make a decision whether or not to contact an attorney based upon the information in this blog post. No attorney-client relationship is formed nor should any such relationship be implied. If you require legal advice, please consult with an attorney licensed to practice in your jurisdiction.

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