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Tax Credit Consulting: The Child Tax Credit Burlington VT

The children in question would have to have lived with you for at least half of the year as well. There are some exceptions to these criteria. There is also a phase out income level.

Jacob Philip H Tax And Business Services
(802) 862-8889
12 Perrotta Pl
Burlington, VT
 
Liberty Tax Service
(802) 865-2829
1197 Williston Rd
South Burlington, VT
 
Independent Tax Service Inc
(802) 863-2271
Chace Ml
Burlington, VT
 
Liberty Tax Service
(866) 871-1040
1197 Williston Rd
South Burlington, VT

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H&R Block
(802) 288-8079
4 Carmichael St
Essex Junction, VT

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Guinness Tax Service
(802) 658-2132
34 Patchen Rd
South Burlington, VT
 
H&R Block
(802) 863-9999
155 DORSET ST
SOUTH BURLINGTON, VT

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Champlain Tax Service
(802) 863-1040
20 Kimball Ave
South Burlington, VT
 
Danaher Attig & Plante PLC
(802) 383-0399
150 Kennedy Drive
South Burlington, VT
 
Harton & Associates Robert & Jeff
(802) 878-4458
57 River Rd
Essex Junction, VT
 
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Tax Credit Consulting: The Child Tax Credit

The Child Tax Credit

The Child Tax Credit allows you the possibility to reduce your Federal tax liability by $1000 for each qualifying child under the age of 17.

The Child Tax Credit

In order to claim the Child Tax Credit, the child in question must be under the age of 17 as of the end of the tax year. They also must be a son, daughter, adopted child, stepchild, or eligible foster child. They could also be the descendents of any of those which would mean grandchildren. They must be citizens of the United States or resident aliens. You have to have provided at least half of the support for them.

The children in question would have to have lived with you for at least half of the year as well. There are some exceptions to these criteria. There is also a phase out income level. The phase out income level is the point where the percentage of the credit begins to decline until it is no longer allowed. For a married couple filing jointly this phase out level is $110,000 of adjusted gross income. It is $55,000 for married filing separately and $75,000 for all others.

Although you can only take a credit up to the amount of actual tax owed, it is possible to take any amount that is left over as an Additional Child Tax credit. This is a refundable credit. It means that if your credit exceeds the amount of tax you owe, you will get a refund of the difference. You get this refund regardless of the amount of money that has been withheld from your pay.

The total of the Chi...

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