Child Tax Credit Reminder

Seems like many of our younger clients had children last year-  under the current tax law (2020) babies bring $2,000 child credits to your tax returns (credits reduce the bill dollar-for-dollar) and it doesnt matter what time of the year your children are born!     This is a yearly credit until your daughter or son turns 17 (then drops to $500)   Note-  the credit begins to disappear as AGI rises above $200,000 for single and head-of-household and $400,000 on joint returns.   For lower income folks part of this is ‘refundable’ along with other potential credits.    We are anticipating changes for tax year 2021 under the new Biden tax plan proposed… Stay Tuned!    Questions?