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Corporate, Estate, & Trust Income Tax Preparation & Planning   

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Tim Legois CPA

Child Tax Credit Advance Payments

If You Received An Advance Payment On The Child Tax Credit, You Will Be Receiving An IRS Letter Confirming The Amount The IRS Has On File As Paying You.

The Advance Child Tax Credit Dollar Amount You Received Will Be Reconciled To The Correct Amount You Should Have Received On Your 2021 Income Tax Return.


For 2021 only, the American Rescue Plan Act expanded the child tax credit to include 17-year-olds and increased the credit from $ 2,000 per eligible child to $ 3,600 for each child under age 6 and $ 3,000 for each child age 6 to 17


Tim Legois CPA

Child Day Care Tax Credit Increase

For 2021, the child and dependent care credit is fully
refundable and the dollar limit for eligible expenses
increases from $3,000 to $8,000 for one eligible child
and from $6,000 to $16,000 for two or more eligible

The maximum credit rate also increases from
35% to 50%, and the AGI level at which this percentage increases substantially from $15,000 to $125,000.
After applying the dollar limit and the earned
income limit, multiply the taxpayer’s work-related
expenses by the applicable percentage, which depends
upon the taxpayer’s AGI

Income Tax Planning Appointments

During February And March, It's Best To Call Three Weeks In Advance Of The Day You'd Like To Meet As Our Appointments Are Usually Filled During These Months.  

Tim Legois CPA

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