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IRS child tax credit 2021 LIVE

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CHILD AND DEPENDENT CARE CREDIT

The credit is aimed at allowing people to return to work while not facing hefty bills for care costs in their absence.

“The Child and Dependent Care Credit can get you up to 50% of up to $8,000 of child care and similar costs for a child under 13, a spouse or parent who cannot care for themselves, or another dependent so that you can work (and up to $16,000 of expenses for two or more dependents),” Nerdwallet explains.

This credit is another part of the American Rescue Plan, passed in March, and can start being claimed for this tax year in 2022.

For instance, if parents regularly use a babysitter in 2021, they will be able to claim that as a child care expense for this tax year when tax filing time comes around next year.

CNET reported that it will probably be easier to claim child care credits for people and groups working in an official capacity, such as a summer camp program or licensed…

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