To paraphrase Ben Franklin, the only certainties in life are the passage of time and taxes. In that spirit, a new year means the approach of a new Tax Day. As much of a hassle as filing taxes can be, many Americans actually look forward to April 15, as tax filing means a tax refund for over three quarters of filers. Unfortunately, many Americans already planning how to spend their tax refunds may not get what they expect.
The American Rescue Plan Act, passed into law in March of last year, expanded the Child Tax Credit (CTC) from $2,000 per child to $3,000, with a $600 bonus for children under the age of 6. Parents were automatically enrolled in a program to receive half of this credit in advance as a monthly payment.
Read Full Article »
