Tonya,

I'm sure you've heard. Congress has passed the new child tax credit. You can expect to receive payments as early as July 2021. Here's a quick recap.

Starting in July, the IRS will begin sending out monthly payments of either $250 or $300 through December to low and moderate-income families who qualify, depending on the child's age.

The child tax credit temporarily increases to $3,000 per child age 6-17 and $3,600 to children under age 6. This is super amazing, because it also lets 17-year-olds qualify for the first time ever!

The credit will be paid out in monthly installments, via direct deposit and/or check.

Who Qualifies?

The IRS will use prior-year tax returns, (similar to how they determined Stimulus payouts) to determine who will qualify for the higher credit. If you haven't yet filed your 2020 tax return, they will rely on the 2019.

The credit will phase out for those earning more than $75,000 a year or $150,000 for those married filing jointly. 

At this time the Biden Administration wants to extend this program through 2025 via his American Families Plan, BUT for now, it is only until December 2021.

For more of your questions, answered or if you rather hear about the great news than read it, please check out this quick 1:36 minute video, by clicking the picture below or following this link.

https://www.9news.com/video/life/parenting/monthly-covid-19-bill-child-tax-credit/73-553a1d49-0d41-4476-be9f-2be9deb0b7c3?jwsource=cl 

DEFY Consulting Group is here and ready to get your taxes filed and done right! Doing Everything For Yourself, doesn’t mean you have to do it alone. Don’t take the chance. One thing we all know for sure in the sweet words of Benjamin Franklin… “but in this world nothing can be said to be certain, except death and taxes.”  Let us be your trusted source and do the work, so you can ‘gone bout life as usual. 

Worried? Have none! DEFY Consulting Group will be here with open arms ready to serve you.  Already Filed? That's okay too, we can look over your return to ensure you received the maximum refund.

 Important Dates to remember: IRS Extended the national Tax Due Date to May 17, 2021. Remember, there are several states, that have been extended to July 15, 2021 (Texas, Alabama, Oklahoma). 

DEFY News: Super excited to finally announce DEFY Consulting Group Shoppe  GRAND OPENING!!!! Oh yeah... you heard right. DCG will hold its highly anticipated grand opening in June. Stay tuned for more details...

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