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Mountain Money

Child Tax Credit

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The child tax credit has long offered American families a needed tax break, but it’s never looked quite like this. Beginning July 15, American families will receive bank deposits or checks of up to $300 per child each month. While most families won’t need to take any action to get their payments, some will. Plus, to avoid being caught unawares next April, parents should recognize that these advance payments will affect the amount of credit available come tax time. 

Jill Ottley, Senior Tax Advisor and CPA at Squire & Company, has been closely following the updates and changes for this credit and is here with us this morning to discuss what this tax credit entails, who qualifies, how to apply, and more.