Does My Child Need to File a Tax Return?
The Internal Revenue Service requires all taxpayers, regardless of age, to file a tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents. However, unlike adult taxpayers, you may or may not have to file a child’s tax […]
What You Should Know about the Child Tax Credit
The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are the top things you should know about the credit. Amount. The Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child that you are eligible to claim on your […]
