The Child Tax Credit can be important for parents as they try to save money for school supplies and other essential items. The tax credit can particularly come in handy when you are a single mother or father. When filing a U.S. Tax Return, it can be helpful to itemize some of the expenses that it takes to raise a child as proof that you are indeed able to claim the child as a dependent.
There are some basic rules that are tied to the Child Tax Credit. Your child has to be under seventeen years of age. If they happen to be disabled and over the age of seventeen then you are dealing with an entirely different set of rules; it is a good idea to speak to your CPA about this. Your tax bill can be lessened greatly, depending upon how many children under the age of seventeen you may have. Some parents have been able to reduce their tax bill by one thousand dollars for each child they happen to be claiming as a dependent. You can also claim children that you have adopted of course as well. The child does not have to be a birth child, a CPA will tell you that you can claim children who have been awarded to you in a legal proceeding.
A child must have lived with you for over half of a calendar year in order for you to be able to claim the child. The child has to either be a U.S. citizen or at least a U.S. national with a valid Social Security number. If for some reason the child does not have a Social Security number yet, you will not be able to claim them on your Tax Return until they get one.
A Certified Public Accountant should be able to explain to you what exactly this would do to your federal tax return. You need to make sure that you are applying the credit to an accurate number of children if you happen to be doing your own return and using your own Free Tax Return Calculator. The refund that you get does need to be accurate, it is for your own financial well being.
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