I will explain the new $3,600 or $3,000 child tax credit for 2021, and the advance payments the IRS will send to most families. If you have a child, you’ll want to watch this entire video and also to learn about the potential pitfalls.
I’ll also explain why you may want to take the advance payment opt out option.
The IRS Child Tax Credit Portal is now live!
https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021
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Do you have questions about New Child Tax Credit Update For 2021 (Explained By CPA)? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
