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How to Take Advantage of the Child Tax Credit in 2023
- January 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
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The Child Tax Credit is a federal tax benefit that provides financial support for American taxpayers with children. For the 2023 tax year, taxpayers may be eligible for a credit of up to $2,000 — and $1,600 of that may be refundable. To qualify, taxpayers and their children must meet certain eligibility criteria that take into account the child’s age, as well as their relationship to the person claiming them. Taxpayers must also meet income thresholds to take full advantage of the benefit because the credit phases out for high earners.
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How to Maximize Your Tax Refund: 10 Savvy Tips on Filing Status, Credits, Deductions, and More
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
To optimize your tax situation, select the most beneficial filing status, such as comparing joint versus separate if you’re married. If eligible, utilize the earned income tax credit, which can reduce your tax liability and potentially result in a refund. Parents should consider the child tax credit, which can significantly decrease your tax bill if you meet the income and dependency criteria. Evaluate whether itemizing deductions or using the standard deduction is more advantageous for you. Contributing to a traditional IRA can help save for retirement while reducing taxable income. Lastly, maximize contributions to a health savings account if you have a high-deductible health plan, as these contributions are tax-deductible.