Raising children is not cheap. However, the IRS understands this, which is why they have various credits and deductions for taxpayers that have families. One of these valuable tax credits is the Child Tax Credit and today we are sharing with you some of the important things that you should know about it.
The child tax credit explained
This is one of the nonrefundable credits that can be worth as much as $1,000 for children who are under 17 years of age. Since it is a credit, it reduces your tax bill by the dollar. However, keep in mind that if your tax liability is less than the amount of the credit that you receive it cannot be credited as a refund.
Who qualifies for this tax credit?
In order to claim this valuable credit you have to meet the requirements below:
1. Your child is under the age of …