NEW YORK — There are a coupleof tax ideas momsanddads of kids 17 and under must keep in mind before filing, tax pros state. Here’s what to understand:
The kid tax credit has wentback lower for 2023 than in previous years, when it was broadened due to COVID. This indicates taxpayers with one or 2 kids might see a lower credit for their kids under age 17 than in2021 It’s still up to $2,000 per kid, though, and it can be declared togetherwith the requirement reduction and minimizes your overall tax costs, stated Eric Bronnenkant, director of tax at Betterment, a monetary advisory business that supplies digital financialinvestment, retirement and money management services.
The kid and reliant care credit is readilyavailable for expenditures paid for a certifying kid for day care. It can likewise be utilized for dependents who are not able to care for themselves, if the requirements are fulfilled.
In addition, up to $3,000 per kid (up to $6,000 overall) can be d