Is Worth Up to $8,000 This Tax Season" width="100%" height="145px" />Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Written By Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Tax Writer Korrena Bailie Editorial Director, Growth ProjectsKorrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.
Korrena Bailie Editorial Director, Growth ProjectsKorrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.
Korrena Bailie Editorial Director, Growth ProjectsKorrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.
Korrena Bailie Editorial Director, Growth ProjectsKorrena Bailie has over a decade of experience reporting and editing personal finance stories and reviews. Her work has been featured in Wirecutter, The New York Times, Bankrate and Credit Karma.
| Editorial Director, Growth Projects
Updated: Apr 22, 2024, 6:26am
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Is Worth Up to $8,000 This Tax Season" width="100%" height="145px" />
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This tax season, an often overlooked tax credit could put up to $8,000 back in families’ pockets.
Thanks to a temporary change codified in the American Rescue Plan, parents or guardians can now claim a maximum credit of $4,000 (50% of $8,000 in expenses) for one child, and $8,000 for two or more children (50% of $16,000 in expenses). And for the first time, the credit will be fully refundable in 2021, so you can still receive money back even if you don’t owe anything.
Although this change is new, the child and dependent care credit isn’t. The credit was first established in 1976 to help reduce the financial burden of paying for child care. It’s a helpful tax credit for many families any year but it may benefit families dealing with reduced salaries from the coronavirus pandemic.
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Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
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