055: Understanding the 2021 Child Tax Credit

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In this episode, we talk about the 2021 Child Tax Credit and give you a baseline on what this credit is and what it isn't. The Child Tax Credit has existed since the 1990s but just this year, President Joe Biden put forth the Advanced Child Tax Credit as part of the American Rescue Plan. Today, we’re going to discuss some of the changes and adjustments that have been made.

Our role on this podcast is to help you see around blind corners and help you know what you don't know. We want you to understand the advanced portion of this tax credit so you won't be surprised when it comes time to actually file your return. We’re also dispelling some of the myths that have been going around so you can be better informed and use this knowledge as part of your tax strategy.

In this episode, you will hear:

  • An overview of the 2021 Child Tax Credit
  • Who qualifies for it
  • Timeline of payment
  • Forms of child tax credit and refunds on your tax return
  • Dispelling some myths around it

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