How the Child Tax Credit Expansion Bill May Impact Your Tax Refund – Boost Your Wallet!

Congress Considers Tax Relief Plan to Boost Family Incomes

(PHOTO: IT Gujarat)

The 2024 tax season has begun but Congress is still discussing a plan called the Tax Relief for American Families and Workers Act of 2024 according to CNET. This plan aims to give more money to families with lower incomes who have children. It wants to increase the maximum amount of money families can get back in taxes for each child over the next three years. The IRS, which handles taxes is watching closely and ready to make changes quickly if this plan becomes a law. The new plan for the child tax credit is different from what happened in 2021. It’s expected to help about 16 million children in families with low incomes in the first year. This is part of a bigger plan that also helps some businesses with their taxes. As Congress continues working on this, families should keep an eye out to see if they qualify for the child tax credit and how much money they could get to help with their children.

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As people are busy doing their taxes in 2024 the possibility of a bigger child tax credit shows efforts to help families with money problems. If Congress agrees to this plan, the IRS will move fast to put it into action. The goal is to make sure families who can get help from this credit know about it and can use it to support themselves and their kids.

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