IRS WILL BEGIN SENDING PAYMENTS TO PARENTS ON JULY 15, 2021!
The Internal Revenue Service (IRS) has made important changes to the Child Tax Credit to help get advance payments of the credit. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. The other half can be claimed when you file your 2021 income tax return. These changes apply to tax year 2021 only.
The changes will help low-income families in our communities. This is part of the Biden administration initiative to accelerate the benefits to help households meet living costs. Share the information to create awareness.
For more information, click this link: advance child tax credit payments
An article on Bloomberg contains information on a portal that was launched June 14 by the IRS for families that are not required to file a tax return.
“Our goal is to make sure that every American can get the relief funding they need as simply as possible,” Treasury Secretary Janet Yellen said in a statement. “We know working families can’t put off paying for doctor’s visits or grocery bills, and this new tool will help more people get their tax credit every month.” Copyright © BloombergQuint
For the full Bloomberg article, click here