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The American Rescue Plan greatly expanded the Child Tax Credit for the fiscal year 2021 . Unlike previous years, taxpayers have been able to enjoy tax benefits for 2021 and you don’t have to wait until you file your taxes in 2022.
Although there is an option to receive a one-time payment next year , one of the main changes in the tax credit has been the prepayment scheme.
The Internal Revenue Service (IRS) automatically enrolled all eligible taxpayers using previous tax returns from 2019 and 2020 or information provided through the online tool of the agency for non-filers.
However, some people may still not know about the existence of the monthly payments of the program and are not yet enrolled.
Yes you are a parent or guardian of children 17 years or younger you have until 15 November to visit the online portal in order to obtain the first half of the Tax Credit for Children of 2021, the rest will be sent in 2022 when the IRS processes tax returns.
In case the plan is approved in Congress Build Back Better by President Joe Biden, monthly payments will continue until 2022. Otherwise, it will expire and the last payment will be made on 15 from December.
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