Child tax credit payments Archives

Photo of mother and child illustrates blog "If your Income Changed in 2021, don’t forget to Update Your Child Credit Payments"

If your Income Changed in 2021, don’t forget to Update Your Child Tax Credit Payments

November 4, 2021

If for any reason your income was substantially higher or lower in 2021 than in 2020, don’t forget to update your Child Tax Credit Payments information so that your payments increase or decrease accordingly.

How to Update Your Information

The Child Tax Credit Payments are monthly payments issued by the United States government to help working families with the impact of the COVID-19 pandemic.

The first payments were delivered on July 15 of this year. Since then, millions of families have received these payments every month.

The amount of the payments people receive is based on information from previous years. If your income increased or decreased substantially, it’s a good idea to update your information so that your payments are adjusted accordingly.

To update your income information, just visit the Child Tax Credit Update Portal on the IRS official website and follow the instructions.

Any change you make will be reflected on the payment that will go out on December 15, which is also the last payment scheduled for 2021.

About the Child Tax Credit Payments

The Child Tax Credit Payments are a measure included in the American Rescue Plan.

Since last July, families all over the United States have received up to $300 for every child who’s five or younger and up to $250 for every child ages 6 to 17.

The full amount of the payments is for families that:

Make up to $150,000 for couples.
Make up to $112,500 for families with one parent.

After those limits, the amount of the payments begins to phase off gradually.

If you haven’t enrolled yet to receive the Child Tax Credit Payments, you still have until November 15 to do it. Don’t miss this opportunity!

Contact the Experts at JT Tax Services

Do you need assistance with personal or business taxes? JT Tax Services is here to help! We give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.

We are located in Oxnard, California. Contact us today by email (info@jttaxservices.com), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.

Child Tax Credit Payments: What You Need to Know

By: UNIKO Media Group

July 21, 2021

Last week, American families began receiving the Child Tax Credit Payments. Have you received yours? Are you familiar with the tools you can use to manage your payments? Keep reading to learn more.

Child Tax Credit Payments: What You Need to Know

The Child Tax Credit Payments are part of the American Rescue Plan, a package of measures geared toward providing financial relief to American families affected by the coronavirus pandemic.

These are monthly payments of $250 or $300 for per qualifying child since July 15 through December 2021.

The dates of the payments are July 15, August 13, September 15, October 15, November 15 and December 15.

Working families will receive these payments if they make up to $150,00 for a couple or $112,500 for families with a single family.

Some Useful Tools

The IRS has created some useful tools to help people get more information about the Child Tax Credit Payments.

For example, if you are not sure whether you qualify for the payments, you can use this online assistant to determine if your family qualifies. All you have to do is to answer the questions that the assistant will show you automatically.

On the other hand, if you need to update your deposit information, or unenroll to stop getting the payments, then use the Child Tax Credit Update Portal.

Taxpayers who qualify for the payments but weren’t required to file a 2020 tax return should use the Child Tax Credit Non-Filer Sign-up Tool to report their qualifying children born before 2021.

If you have questions even after using these tools, don’t hesitate to contact our experts. We’ll be happy to answer your questions about this and any other topic related to taxes.

Contact the Experts at JT Tax Services

Do you need help preparing your taxes? Do you have questions about the Child Tax Credit? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.