Thousands of parents have yet to benefit from a substantial tax credit refund which can be worth over £1500 per family. For those with children born between 1985 and 2003 a valid claim can still claim made – but time is running out.
Use Child Tax Credit for Tax Savings
Now, heres a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayers federal tax liability.