Category Archives: Child

What is the Child Tax Credit

What is the child tax credit? The child tax credit is one of the most important tax credits that allows parents to claim a credit of $1,000 for each qualifying child they have Thus, for example, a taxpayer with three qualifying children will be entitled to a credit of $3,000. Enacted in 1997 and expanded with… Read More »

Expanded Adoption Credit Available for Tax-Year 2010

WASHINGTON — The Internal Revenue Service today issued guidance on the expanded adoption credit included in the Affordable Care Act. The IRS also released a draft version of the form that eligible taxpayers will use to claim the newly-expanded adoption credit on 2010 tax returns filed next year. The Affordable Care Act raises the maximum… Read More »