The Supplemental Child Tax Credit was the refundable portion of the Child Tax Credit.
Eligible families who owe the IRS less than the qualifying child tax credit amount.
The Supplemental Child Tax Credit was abolished for 2018-2025 by the Tax Cuts and Jobs Act,
However, the 2021 child tax credit has been fully refunded under the American Rescue Plan.
For 2021, advance child tax credits can be claimed through monthly payments equal to half of their total child tax credits. The other half is eligible for those eligible for 2021 tax returns.
The American Opportunity Tax Credit (AOTC) helps offset the cost of post-secondary education for students or their parents (if the student is a dependent).
Deductible taxes are expenses that a taxpayer or business can deduct from their adjusted gross income, which reduces their income, thereby reducing the total tax they must pay.
The Earned Income Tax Credit (EITC) is a refundable tax credit used to supplement the wages of low-income workers and help offset the impact of Social Security taxes.
As a result of the Tax Cuts and Jobs Act (TCJA), most taxpayers can now only carry forward net operating losses (NOLs) that occur in tax years after 2017 to a later year.
Form 4684 is the U.S. Internal Revenue Service (IRS) form for reporting profits or losses from accidents and thefts that occur as a result of a federally declared natural disaster that may be deductible for taxpayers who detail deductions.