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Tax Credit Consulting: The Child Tax Credit Hayden ID

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.

Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
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Company: Burks Wealth Management
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U of Idaho/B.S. - Marketing
Boise State University - MBA
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Years Experience: 15
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Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

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Liberty Tax Service
(866) 871-1040
8065 Fairview Ave
Boise, ID

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Fast Tax Plus
(208) 887-1817
13965 W Chinden Blvd Ste 110
Boise, ID
 
Boise Tax PRO
(208) 375-1230
1010 N Orchard St Ste 5
Boise, ID
 
H&R Block
(208) 454-6798
5108 CLEVELAND BLVD
CALDWELL, ID

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Liberty Tax Service
(866) 871-1040
10804 W Fairview Ave # 100
Boise, ID

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Comprehensive Tax Svc Inc
(208) 322-4649
600 N Curtis Rd Ste 210
Boise, ID

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Wilcox Garth
(208) 356-7686
70 N Center St # 1
Rexburg, ID

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Liberty Tax Service
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1563 Fillmore St # 2e
Twin Falls, ID

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Liberty Tax Service
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1811 S Lincoln Ave
Jerome, ID

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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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