Claiming the Child Tax Credit - a great deduction option



Deductions reduces your amount of taxable income, and using credit directly reduces your tax bill.

How?
For example you can claim $2,000 child tax credit to take your bill down.

From IRS:
With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17.
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status:
• Married Filing Jointly $110,000
• Married Filing Separately $ 55,000
• All others $ 75,000

In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.

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