Above All Business Solutions LLC

Child tax credit 2024

For 2024 (taxes filed in 2025), the child tax credit will be worth $2,000 per qualifying dependent child if your MAGI is $400,000 or below (married filing jointly) or $200,000 or below (all other filers).
If your MAGI exceeds the above limits, the credit is reduced by $50 for each $1,000 of income above the threshold until it phases out completely.
The refundable portion, also known as the additional child tax credit, will be worth up to $1,700 — up from $1,600 in 2023

Requirements: Who qualifies for the child tax credit?

Age: Your child must have been under the age of 17 at the end of the tax year.

Relationship: The child you’re claiming must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister or a descendant of any of those people (e.g., a grandchild, niece or nephew).

Dependent status: You must be able to properly claim the child as a dependent. The child also cannot file a joint tax return, unless they file it to claim a refund of withheld income taxes or estimated taxes paid.

Residency: The child you’re claiming must have lived with you for at least half the year (there are some exceptions to this rule).

Financial support: You must have provided at least half of the child’s support during the last year. In other words, if your qualified child financially supported themselves for more than six months, they’re likely considered not qualified.

Citizenship: Per the IRS, your child must be a "U.S. citizen, U.S. national or U.S. resident alien," and must hold a valid Social Security number.

Income: Parents or caregivers claiming the credit also typically can’t exceed certain income requirements. Depending on how much your income exceeds that threshold, the credit gets incrementally reduced until it is eliminated.

Happy Mother’s day to all the moms across the world from us here at Above All Business Solutions!

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Happy Earth Day from us at Above All Business Solutions!

Today is TAX DAY!

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& The countdown continues. Call, click or schedule a visit with Above All Business Solutions today.
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Don't wait until the last minute! Trust Above All Business Solutions to handle your tax needs efficiently and effectively. With just 12 days left, every moment counts! Contact us today to schedule your appointment and let's make this Tax Day a success together!

Countdown Alert: Only 13 Days Left Until Tax Day!

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Tick Tock! Tax Day Countdown Is On!

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From us here at Above All Business Solutions LLC, Happy Easter!!

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Hello March! The Countdown to Tax Season Success Begins!

Tax professionals, it's time to gear up for a month filled with challenges, triumphs, and helping clients navigate the maze of tax regulations.

As March unfolds, let's embrace the opportunity to make a real impact on our clients' financial well-being. Whether you're crunching numbers, strategizing deductions, or ensuring compliance, your expertise is crucial.

Here's to a month of precision, accuracy, and client satisfaction. May your spreadsheets be error-free, and your tax strategies be on point!

As you dive into this busy season, remember: your hard work plays a vital role in shaping the financial success stories of many. Here's to a March filled with successful filings and satisfied clients!

It's beginning to look a lot like TAXMAS.

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