The Internal Revenue Service is sending 2,000-dollar cheques to those who meet the requirements. Do not miss out on the opportunity to get so much money this new year. As you may already know, the new 2023 tax season has recently started. It was on January 23 when the IRS started to accept the first tax returns. Those who have not filed it yet may want to do so before the deadline.
April 23 is the last day you have got to pay the taxes you owe and file your tax return. After that, it will take up to 21 days to get a refund if it is your case. This is for those who file electronically and the ones who ask for a direct deposit. Remember that it is the safest and fastest way according to the IRS. Before filing, it is always advisable to check deductions and tax credits.
The Child Tax Credit is now 2,000 dollars according to the IRS
It was during the pandemic that the amount of this payment increased. After the American Rescue Plan finished, it went back to normal. It is much smaller now and it could be a letdown to those who were expecting to get the same amount as in the previous tax return. Not only will it be less money, but it will be harder to meet the requirements to claim it.
There is a difference since this year this tax credit money is refundable partially. Just like in 2022, a taxpayer could claim the IRS the 2,000-dollar credit if their children are eligible. It will be $2,000 per child as well. Besides, there is an earnings threshold to begin claiming the 1,400-dollar portion. If you do not meet that requirement you cannot claim it. Its commonly known as the Additional Child Tax Credit.
These are the children that are eligible
It will be for those parents whose children were dependent and under the age of 17 as of 31 December 2022. Of course, apart from the earnings threshold. Their AGI should be less than $200,000 for single, or double for married couples filing jointly. Reductions may apply if exceeded the Internal Revenue Service says.
They should also live in the same home as the taxpayer. It will be necessary to live together for over six months. Another important thing is that the children must have a taxpayer Identification Number that is valid and in the form of a work-authorized SSN. The IRS informs it is essential to “provide no more than half of their own financial support during the year”.
2023 Tax Season
The 2023 tax season related to 2022 taxes started last January 23rd. From that moment on, any American taxpayer can send their tax return to fulfill their duties as a citizen. This is understood to be three months on the calendar, so there is still time to send in our taxes.
However, remember that if we file early we may receive a tax refund early as well. So if you are thinking about delaying your tax return, you should be aware that there may be certain risks. In addition to receiving the tax refund later, sending the tax return very late means less time to correct possible errors in our documents.
For this reason, try to file your tax return as soon as possible and do not wait until the deadline. Of course, the deadline for filing your tax return is April 18, so you still have time.