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The Child Tax Credit is an important tax credit that may save you up to $1,000 for each eligible qualifying child. Be sure you qualify before you claim it. Here are five useful facts from the IRS on the Child Tax Credit:
For the Child Tax Credit, a qualifying child must pass several tests:
Age. The child must have been under age 17 at the end of 2015.
Relationship. The child must be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, or half sister. The child may be a descendant of any of these individuals. A qualifying child could also include your grandchild, niece or nephew. You would always treat an adopted child as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
The Internal Revenue Service and Free File Inc., also known as the Free File Alliance, today announced a new five-year agreement that guarantees free, federal tax preparation software products for 70 percent of all taxpayers.
The new agreement opens the door for innovations such as importing prior year information and requests for additional options for free state tax returns so that taxpayers have a seamless experience. It also provides greater transparency regarding any charges associated with state tax return preparation.
The Internal Revenue Service today reminded taxpayers who are unable to complete their tax returns on time that it’s easy to get more time to file their return. In fact, it can even be done online.
This is the ninth in a series of 10 daily IRS tips called the Tax Time Guide. These tips are designed to help taxpayers navigate common tax issues as the April 15 deadline approaches.
For taxpayers who haven’t yet filed their taxes, the IRS has this advice: don’t panic. Taxpayers who need more time to complete their tax return can request an automatic six-month extension.
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2015. The rates will be:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000
- three (3) percent for underpayments; and
- five (5) percent for large corporate underpayments.