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Parents may claim the Child and Other Dependent Tax Credit to reduce tax liability, receive financial support, and manage monthly expenses effectively.
Parents may want to claim the Child and Other Dependent Tax Credit while filing taxes to reduce their tax liability. By claiming the credit, they can lower the amount of tax they owe, potentially leading to a larger tax refund or reducing the taxes they need to pay.
Moreover, for working families, claiming this credit can provide additional financial support. The credit can help offset the costs of raising children and may contribute to reducing child poverty.
Additionally, claiming the Child Tax Credit can be beneficial in managing monthly expenses and supporting families with children under the age of 6, as the credit amount has been expanded to $3,600 per child under 6 under the American Rescue Plan.
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