BY: MICHAEL GREEN
Raising children can be expensive. However, when Congress passed the Fiscal Cliff Agreement in January 2013, the Child Tax Credit was put in place for five years, locking it in from 2012 to 2016. As you file your tax return, it’s worth learning more about the Child Tax Credit, which has the potential of lowering what you owe the IRS.
The Child Tax Credit may be worth as much as $1,000 per qualifying child depending upon your income. There are seven tests that must be met to claim this tax credit. According to the IRS, here’s what you need to know about this tax credit.