For example, look at the following example as it relates to the child care credit. “I work full time but my wife typically only works 1 day/week. The rest of the time she is a stay at home mom. On one of the days that she is home, my son attends a half day daycare.… Read More »
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 »
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 »
The FMS has been authorized by Congress to conduct the Treasury Offset Program. Through this program, your refund or overpayment may be reduced by FMS and offset to pay any past–due child support, Federal agency non–tax debts, or state income tax obligations.