01/03/2023
**CHILD TAX CREDIT ALERT**
New tax laws made the child tax credit go down. Instead of a standard credit like $3600 for each child (PreviousYears), now it changed to $2000 per child, but only $1500 is refundable. The credit does go up 15% based on your income. Childre under 17 count for the full amount of credits. 17 and older qualify for partial credit.
After doing the math, a family with 3 children under 17 can get a Child TAX Credit of close to $10,000 depending on income, filing status, and w2 info. The same family with 3 children who are self employed will only receive about $6500 due to self-employment taxes.
Compare 2022 to 2021.