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Tax and Tax Information - Child Tax Credit

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Tax and Tax Information * Child Tax Credit

Use Child Tax Credit for Tax Savings   
Keith Hoyng

Now, here's a real tax savings to the individual taxpayer with dependents.

The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayer's federal tax liability. In 2011, the Sunset Provision will decrease the tax credit unless the credit is extended or made permanent.
How does this federal tax credit work and who qualifies for this credit? Well, let's start with the last question first. Every family with children qualifies, however the federal tax credit phases out when income is above $110,000 for married filing jointly, $75,000 for single, head of household, or widow, and $55,000 for married filing separately. In addition, the child tax credit might be limited by the amount of income tax you owe as well as any alternative minimum tax you might owe. But like everything else in this world, there are exceptions. If the amount of your child tax credit is greater than the amount of federal income tax you owe, you may be able to claim a portion or all of the difference as an "additional" Child Tax Credit. First exception: if your earned income exceeds $10,750, you may be able to claim up to 15 percent of that amount. Second exception: if you have three or more qualifying dependent children in your family, you may claim up to the amount of Social Security taxes you paid during the year, minus any Earned Income Tax Credit you received. If you qualify under both these exceptions, you receive the greater of the two amounts, up to the difference between your federal tax liability and your regular Child Tax Credit. You may want to seek a tax professional for help with this credit.

Article to continue below----------------------------------------------

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New York state should not reimpose a stock transfer tax as this would make Wall Street firms move to other cities such as New Jersey's Newark, or other states like Connecticut, Governor David Paterson...

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Now, to answer the "how does it work" aspect; the best approach might be to simply break down the requirements, and explain each fully. The child tax credit is the responsibility of the Internal Revenue Service (IRS), and the credit issuance is determined through the federal tax returns the individual taxpayer completes each year. Taxpayers must complete either the 1040 or the 1040A and the IRS form 8812. The IRS will then determine eligibility, and process accordingly; the requirements and limits change each year, so the individual's eligibility may change each year.


In order to qualify, a family must have earned at least $10,500 in income, and that figure will rise each year, according to inflation. There must also be at least one qualifying child. In order to be classified as a "qualifying child", the child must meet the following requirements: under age 17 of the tax year, claimed on your tax return as a dependent, must pass the relationship test (son, daughter, stepchild, grandchild, brother, sister, foster child, adopted child, etc.), be a US citizen or a resident alien, and have a social security number.

Article to continue below----------------------------------------------

Tax Season Brings Out The Fraud Artists (ABC News)
Tax season is a popular time for identity-theft scams. Identity theft - Theft - Crime - Fraud - Law

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During its original year of inception, many families with qualifying children were mailed an advance federal income tax credit of either $300 or $400 dollars; but they were also told this would reduce their end-of-year tax credit, dollar for dollar.
The method used for determining the tax credit is fairly simple, and is not difficult to calculate; however, any individual taxpayer with uncertainty should seek the advice and assistance of a tax professional when preparing their federal tax return.


The credits, as stated earlier are claimed when you complete a 1040 or 1040A and file your returns with the Internal Revenue Service. Although many individual taxpayers pay for a professional to complete their federal tax returns each year, there are qualified preparers that are available free of charge each year, through the IRS; either way, make sure that you communicate your qualifications for the child tax credit, and check your tax return to see that the credit was applied. You do not want to let this tax credit slip by.


The child tax credit, along with the Hope and Lifetime Learning credits are a direct means to affect the individual taxpayer's tax liability and offer some level of tax relief. This is meant to help parents with the costs associated in raising children, and educating them. Most often, the child tax credit is a way to alleviate the existing federal tax liability for middle-income taxpayers. For the extremely low income families, there is often no income tax due, so there is no allowable tax credit. Although it does not help the poverty level families as a form of federal income tax refund or tax-free income, it does help to alleviate any federal tax liability. The Earned Income Credit is used by many poverty level or low-income families as a supplement to their earned income.





Keith Hoyng is the web master and operator of http://www.quickcash2u.com which is an excellent source of tax and debt relief and much more key financial information. Visit us at http://www.quickcash2u.com/TaxHelp.html

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Tax Credit for Going Solar by Rick Chapo

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There is one hassle that we all have to deal with each and every year and that is doing our income tax preparation. There are really only two choices we have in this matter. You can either do it yourself,...

Mortgage Tax Relief- Free Important Hint For Taxes by deepak kulkarni

<p>Most of those benefiting from tax relief are low income individuals and families, usually in the form of full or partial tax exemptions. Some middle income families and people can receive tax...

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Taxes are complicated! Everyone knows it – and most of us wish it were much more simple and easy to understand. But it isn't likely that the tax code will be simplified that much anytime soon – so we soldier...

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Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

To Join CPA Moms

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Index of Articles about Taxes

What Other Authors say about Taxes

Tax Credit for Going Solar by Rick Chapo

As we sit in the middle of winter, most people can't believe how high their utility bills are. Going with solar energy can lower your bills and you get a hefty tax creditSolar Tax CreditSolar energy is...

IRS Provides Foreclosure Tax Relief For Homeowners by Raynor James

As if a foreclosure on your home isn't bad enough, do you realize there could be dire tax consequences? Fortunately, the IRS is taking steps to mitigate much of the double disaster. Many have accused the...

Where To Find Tax Help by Carl LaFresnaye

Once upon a time, doing your taxes was a job for professionals only, like brain surgery or nuclear science. Nowadays software is available that allows you to file your taxes yourself, giving all sorts...

how to compute tax withholding amount by Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you...

Minister's Housing Allowance by Alan D Campbell

Churches often provide ministers of the gospel with the free use of a home, which is often called a parsonage. The value of the parsonage is not subject to income tax up to the rental value of the home....

Finding Out How Much Money Do You Have To Make To File Taxes? by Carl LaFresnaye

There are many people who wonder if they really have to file taxes since they do not make very much money. Since taxes are so dreaded by most people, answering the question of how much money a person...

Getting a Tax Credit for Your Kids by Richard A. Chapo

As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...

How Can Sales Tax Save You Money? by Steve Dolan

It's that time of the year again... tax time! It may not be one of the more enjoyable times of the year, but it is definitely one of the more important dates on the calendar. Hopefully, you have listened...

Low-Income Luxury - Your Guide to the Many Affordable Apartments for Rent in Utah by Heather McKinley-Seymour

Apartments for rent in UtahOften the first thing one does when searching for a home to rent is assess their income. For many Utahans with large families, liabilities or low wages, this can seemingly be...

SEP IRAs: A Path to More Retirement Income? by Robert D. Cavanaugh, CLU

A SEP IRA is a plan that may allow you to put away more tax deductible dollars for retirement. For employers, SEPs are a simple way to establish a retirement plan for employees without many of the restrictions...

Tax preparation: Should You File Or Pay A Professional? by Kenneth L Myers

You do not have to be a professional to do your taxes however if you have a complicated income structure or are just not quite sure, there are services to help you prepare taxes for yourself or your business....

Income Tax Preparation: Do It Yourself ? by Gary Talbot

There is one hassle that we all have to deal with each and every year and that is doing our income tax preparation. There are really only two choices we have in this matter. You can either do it yourself,...

Mortgage Tax Relief- Free Important Hint For Taxes by deepak kulkarni

<p>Most of those benefiting from tax relief are low income individuals and families, usually in the form of full or partial tax exemptions. Some middle income families and people can receive tax...

Sources Of Free Tax Help by Carl LaFresnaye

Taxes are complicated! Everyone knows it – and most of us wish it were much more simple and easy to understand. But it isn't likely that the tax code will be simplified that much anytime soon – so we soldier...

Find the Right Service to Prepare Your Taxes by Don Kransteuber

It is possible to save money on your tax preparation fees by doing some advance preparation of your own. Make sure that you organize your paperwork and receipts to save time and ensure nothing is missed....