WATCH: Thousands have recently been the victims of a new tax scam. The IRS is warning that taxpayers should watch out for scammers who deposit bogus refund money into bank accounts and then demand repayment. Learn more on the Nightly News Facebook Page (www.Facebook.com/NBCNightlyNews).
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Child Tax Credit
Parents and guardians who are eligible to claim their children as dependents for tax purposes are eligible for the Child Tax Credit, worth up to $1,000 per child for the 2017 tax year.
Qualifying children for the Child Tax Credit must meet all nine of these rules:
The child is related to you.
The child lived with you for more than half the year.
The child was younger than age 17 on the last day of the year.
The child did not provide more than half his own financial support during the tax year.
The child is a citizen or a resident alien of the United States.
The child is younger than you.
The child does not file a joint tax return with his spouse if he's married, although there are some exceptions to this rule.
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April 17 is Tax Day💸 in 2018 in the US🇺🇲. You often hear the the tax code is 70,000 pages, but the code itself is "only" 2,600 pages📃 long. Have you read them all?
There are probably quite a few documents that you need to gather to successfully (and legally) complete your taxes. If you're not working with a CPA🤓 (Certified Public Accountant) who will help you gather those documents, then it's up to you to figure it out yourself.
I think that tax preparation softwares📊 probably do a pretty good job for people who have less complicated situations, but you can still miss some things by self-preparing.
Do you self-prepare your taxes or use a CPA?