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If you have a child under the age of 17 in your home, you can qualify for advance payments
While there may be no greater joy than raising a child, they’re expensive. Intuit estimates the average annual cost of raising a child to be between $15,438 and $17,375.
Thankfully, the government has measures in place to make sure that families and parents have resources to raise children. Taxpayers under certain income thresholds with children are eligible to claim the Advance Child Tax Credit.
Here is a breakdown of the Advance Child Tax Credit Funds and how it is helping millions of Americans today.
What Is the Advance Child Tax Credit Program?
The Advance Child Tax Credit Funds (ACTC) is a program that allows eligible individuals to receive advance payments of the Child Tax Credit (CTC) during the year, rather than having to wait until the following tax season to claim the credit. The ACTC is designed to help low-income families with children by providing them with additional financial assistance throughout the year.
To be eligible for the ACTC program, individuals must meet certain criteria. This criteria usually includes at least one qualifying child and a current or expected annual income less than the CTC maximum. Eligible individuals can receive advance payments of the CTC in the form of a monthly payment or a lump sum payment.
The IRS created this program in order to assist families with the costs associated with raising children. The amount of your payments depends on your income and the number of children in your household. The ACTC can provide a significant financial boost to low-income families, helping them meet basic needs.
Hot Tip: Be sure to consult a tax professional or read up on free resources that can help you be informed about the matter.
How Can I Qualify?
If you’re struggling to keep up with the cost of raising children, it’s likely that you’ll qualify for the program. If you’re unsure of your eligibility, check out this free site that provides a guide, additional information on the ACTC program, and a quote on eligibility.
If you meet all of the requirements, you can file on the IRS website or have a tax professional file it for you.
Bottom Line
Having children is expensive. In order to help families combat the expenses, the government has a tax credit program to help low-income earners.
Check out the free Government Assistance site to see if you qualify and get all relevant information about the ACTC program.
