Household and Taxes

Every family knows the importance of each penny in their monthly budget. Having little ones that help you optimize your credit return. 

The government has made it simple for you to increase your child tax credit. If you would like to receive hundreds of dollars by the end of the year, then start being proactive about your tax return.

Start by analyzing your filing status and understanding what effects it has on your return. Determining if filing separately from your spouse is an option. Look to see if your spouse has a lot of pending medical bills. The Child Tax Credit can traditionally  give you up to $2,000 for every child under 17 years old. Thanks to the American Rescue Plan this credit can now go upwards of $3,000 to $3,600 dollars. 

It would be wise for you to analyze the pros and cons of you and your spouse filing your taxes separately. Make sure you calculate both options and choose the one that yields the highest return. 

Due to COVID-19 and a large portion of the population losing their jobs, you can consider declaring your loved ones affected by the pandemic and dependents. Those who now rely on you, or you provide recurring assistance are technically your dependents. 

Being timely can directly affect your return as well. Don’t wait until the last minute to declare.

Look into deductions and which ones you can use. This takes serious analysis, and we recommend you reach out to experts in the field that have the necessary industry knowledge and can break this down for you. 

Finding the right government assistance for you is key. Make sure you take time to research and reach out to the right folks. A Useful site for individuals in your case is government-assistance.org. Give them a visit and see if you know the fundamentals to boost your tax returns based on your household expenses. 

Don’t be shy about asking for help, we all need it at some point in time. This is part of being a smart homeowner and head of household. Finding the tricks that can help you is a wise thing to do. Share these tips with family and friends, let them know as well that there are options valuable to you at reach. 

Make the most of your tax return and get started with your action plan sooner rather than later.