IRS highlights importance of Child and Dependent Care Credit; can help families, others
IR-2022-54, March 8, 2022
WASHINGTON – The Internal Revenue Service issued a filing season reminder today that those taxpayers who pay expenses for the care of a qualifying person while working or looking for work may qualify for an important tax credit.
The Child and Dependent Care Credit is expanded for tax year 2021. This means that more taxpayers will qualify this year than ever before, and the credit will be worth more. Taxpayers with an adjusted gross income of more than $438,000 are not eligible for this credit.
“There are many important tax credits available for families, and we don’t want anyone to overlook the Child and Dependent Care Credit,” said IRS Commissioner Chuck Rettig. “We encourage families and others who may qualify for this credit to carefully review the criteria to make sure they receive the maximum amount they’re entitled to. We also encourage the tax professional communities and others to share this important information.”
Depending on their income, taxpayers can get a credit worth 50% of their qualifying childcare expenses. For tax year 2021, the maximum eligible expense for this credit is $8,000 for one qualifying person and $16,000 for two or more.
click here for more: https://www.irs.gov/newsroom/irs-highlights-importance-of-child-and-dependent-care-credit-can-help-families-others
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Vernice Dauphin: Hello and thank you for visiting our website today: Please allow us to introduce ourselves and give you a better understanding of who we are what we are all about. We are Rey and Vernice Dauphin. We have been married for 29+ years with 3 children (all grown now) and currently reside in Atlanta GA. We are multiple business owners and the founders of 7streamz.com which is an umbrella for Dream Tax Service Inc. Dream Realty Inc, II and Black Mammoth FR8 Inc. We absolutely believe in the power of having 7Streamz of income and we are strong believers that diversity in business is the key to building wealth. We are young enough that we do not have grandchildren yet but old enough to have seen the economy turn in a way that devastated millions of families and small business owners. We are committed to serving our community through financial education, investing in Real Estate and simply put "Getting Your House In Financial Order". We teach city to city and state to state this simple principal - If you don't put your money to work for you then you will spend the rest of your life working for your money. We are glad you stopped by and look forward to serving you! Rey and Vernice D.