![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
Should You Wait to File Taxes Amidst Potential Changes to Child Tax Credit?
File Taxes Amidst Potential Changes to 2024 Child Tax Credit? (PHOTO: H&R Block)
Understanding the Current Child Tax Credit and IRS Adjustments
People are wondering if they should wait to do their taxes because there might be changes to the child tax credit according to CNET. The most you can get per kid is $2,000 but only part of that can be refunded if you don’t owe taxes. The rest can only be used if you owe taxes. The IRS said they’ll adjust things for people who already filed their taxes if there are changes, so you might not need to do anything extra.
READ ALSO: Major Changes That Will Have An Impact On Your Finances In 2023
Exploring Additional Tax Savings Options Beyond the 2024 Child Tax Credit
Experts say there are other ways parents can save money on taxes besides the child tax credit. There are also other credits for things like childcare expenses and education. Each state has its own rules for taxes and some offer their own child tax credits too. It’s important to check your state’s rules to see what benefits you might be eligible for.
READ ALSO: Get A Head Start On Your 2023 Finances With A Child Tax Credit – File Your 2022 Tax Return Early!
