CHARLOTTE – There will be a “NEW” round of assistance coming your way for people who receive Child Tax Credits starting in July! It is called The American Rescue Plan.
So, Let’s Get To It…
Starting in July, the IRS Commissioner Charles Rettig said “the agency is on track to start sending “Monthly” payments of the Child Tax Credit in July.” Depending on the age, these payments can be greater than $300 per child.
Keep in mind this monthly amount is temporary to give working families the need assistance to maintain the health and stability of their home unless Congress extends or makes the CTC permanent for working families. How sweet that would be just to have the assistance? If Congress makes the plan permanent then that would be a major score for low- and middle-class families. As a bigger incentive of assistance, the new law will raise the age back from 16 to 17, which is a big plus with kids that are still your dependents in high school or their first year of college.
I had a client ask me: My child is 17 and a graduate of high school so can I still claim him? I said, Sure you can. As long as he still lives with you and you provide more than 50% of his wellbeing. So, I asked, What is his occupation? She answered He joined the US Army right out of High School. I said, Oh no! You can’t claim him now. She ask why not? I answered Because the Military has claimed him now!
For more information contact Mays Concepts, LLC at (704) 526-0307 or email us at email@example.com
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