COLUMBUS, OH (WCMH)– Tax season is in full swing. The government shutdown could affect when people refunds are issued, but the full impact still remains unclear. What is clear, though, those with children will benefit from new rules. The child tax credit has doubled.
“It went from $1,000 per child 16 and under, now, to $2,000 per child,” said Glenn Bookkeeping accountant Andrew Bean.
The credit has also expanded dramatically.
“A couple was only able to deduct that if they made less than $110,000, but now that phase out, or ceiling, has gone up to $400,000, so I think a whole lot more families will be about to use those credits for the kids now,” Bean added.
For example, a qualifying family with three kids under 16 will get $6,000 back from the federal government. Last year, they potentially could have gotten zero if they made more than a combined $110,000.
The last day to file your taxes is April 15th.