The American Rescue plan increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and to $3,000 per child for children ages 6 through 17. It’s also now an advanceable payment, and automatic payments for eligible families will start on July 15, 2021.
To help families sign up for this advanceable credit, the IRS launched several new online tools designed to help families manage and monitor these payments:
Tax credits for paid leave under the American Rescue Plan Act of 2021
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Burr Ridge, IL 60527
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To better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful!