The December Child Tax Credit is available for qualifying children under the age of 17. To receive the credit, you must have a Social Security Number for each child.
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December Child Tax Credit
The December Child Tax Credit is a credit that is available to taxpayers who have children under the age of 17. This credit is available for the tax year 2020 and it can be claimed on your tax return.
Who is eligible?
To qualify for the December Child Tax Credit, the child must be younger than 17 years of age as of December 31st of the year for which you are claiming the credit. In addition, the child must have a Social Security Number (SSN) that is valid for employment in order to be claimed. If your child was born during the tax year but does not yet have an SSN, you can still claim them as a qualifying child for purposes of the CTC if they meet all other requirements and you expect to receive their SSN before filing your return.
How much is the credit?
The December Child Tax Credit is a tax credit worth up to $1,000 per child. This credit is available to families with children under the age of 17. To receive the maximum credit, you must have an adjusted gross income of less than $75,000 for single filers or $110,000 for married filers.
How do I claim the credit?
If you qualify for the December Child Tax Credit, you can claim it when you file your taxes for the year. You’ll need to fill out a special form (IRS Form 8863) and attach it to your tax return.
If you’re claiming the credit for more than one child, you’ll need to fill out a separate form for each child. The credit can be worth up to $2,000 per child, so it’s worth taking the time to make sure you get it right.
If you have any questions about claiming the December Child Tax Credit, or any other tax-related issue, be sure to speak with a qualified tax professional.
Other Credits and Deductions
The Child Tax Credit is a credit that helps with the financial burden of raising children. It is available to families with children under the age of 17. The credit is worth up to $2,000 per child. The December Child Tax Credit is available to families who have children who were born in December.
What other credits and deductions are available?
Credits and deductions can lower your tax bill or increase your refund.
Here are some other credits and deductions that may save you money:
-The earned income tax credit is a refundable credit for certain working people with low to moderate incomes.
-You may be able to claim the child and dependent care credit if you paid someone to care for your child, a disabled spouse or dependent so you could work.
-Education credits may be available if you, your spouse or a dependent is a student.
-If you’re age 65 or older, or retired on permanent and total disability, you may get a larger standard deduction.
-You may be able to deduct some of the interest you pay on a qualified home mortgage loan.
-If you made energy-saving improvements to your home, you might be eligible for the residential energy efficient property credit.
How do I claim them?
The child tax credit is a refundable tax credit worth up to $2,000 per qualifying child and $500 per qualifying dependent. To claim the credit, you must file your annual income tax return.
If you have questions about the child tax credit or any other aspect of your taxes, please consult a qualified tax professional.
December Tax Tips
The December Child Tax Credit is a tax credit that is available to qualifying families with dependent children. This credit can help offset the costs of raising a child, and it can also help reduce the tax burden for families. If you are a parent or guardian of a dependent child, you may be eligible for this credit.
The holidays are a busy time, but it’s also a great time to get your finances in order for the upcoming year. If you have children, December is a good month to focus on the child tax credit. Here are some tips to help you get the most out of this tax credit.
1. Get organized. The first step is to gather all the information you need to apply for the child tax credit. This includes your child’s birth certificate, Social Security number, and any other documentation that proves your child is a dependent.
2. Know the deadline. The deadline to apply for the child tax credit is December 31st. However, if you’re claiming the credit for the first time, you have until April 15th of the following year to file your taxes.
3. Understand the income requirements. To be eligible for the child tax credit, your modified adjusted gross income must be less than $75,000 if you’re single or $110,000 if you’re married filing jointly. If your income is above these thresholds, you may still be eligible for a partial credit.
4. Claim the credit on your taxes. When you file your taxes, you’ll need to fill out form 1040 or form 1040A and include schedule 8812 with your return. This form is used to calculate the amount of the credit that you’re eligible for based on your income and number of qualifying children.
5. Get help if you need it. The process of claiming the child tax credit can be confusing, so don’t hesitate to reach out to a tax professional if you need help.
Review your withholding
The December tax tips emphasize the importance of reviewing your withholding. The IRS urges taxpayers to check their withholding at least once a year. The Tax Cuts and Jobs Act made changes to the tax code that went into effect in 2018. Many taxpayers are still getting used to the new laws. The changes may have resulted in too little or too much tax being withheld from their paychecks.
If you had too little tax withheld, you may owe taxes and fees when you file your return. If you had too much tax withheld, you’ll get a refund when you file your return. You can use the IRS Withholding Calculator to help you determine whether you need to adjust your withholding. You will need information from your most recent pay stub and last year’s tax return to use the calculator.
If you need to adjust your withholding, submit a new Form W-4, Employee’s Withholding Allowance Certificate to your employer as soon as possible. Your employer will begin using the new form to calculate your withholding for the next payroll period.
Check your eligibility for credits and deductions
As the end of the year approaches, it’s a good time to start thinking about your taxes. There are a number of credits and deductions that you may be eligible for, and December is the perfect time to check your eligibility.
The Child Tax Credit is available for families with children under the age of 18. The credit is worth up to $2,000 per child, and can be used to offset any tax liability.
The Earned Income Tax Credit is available for low- and moderate-income taxpayers. The credit is worth up to $6,000, and can be used to offset any tax liability.
The Saver’s Credit is available for taxpayers who are saving for retirement. The credit is worth up to $1,000, and can be used to offset any tax liability.
To check your eligibility for these credits and deductions, please visit the IRS website or speak with a tax professional.