What to know when claiming children on your taxes this year
The IRS officially started accepting tax returns on Monday.
For anyone claiming children, experts say there are a few things you should know.
Advanced payments of around $250 to $300 were sent out in June of last year and experts say some people are concerned that money will have to be given back. But that's not the case.
"If they didn't opt-out of receiving those advanced payments, they're just having to claim on their return a statement that they already received so much," said Diana Morales, an enrolled agent.
Then parents will receive the difference on their return, Morales said.
Morales says there's one credit that's being overlooked: the one for child care.
Morales says normally, the return on child care would be 3,000 for one child and 6,000 for two, but this year it's increased.
"They've increased that credit to $8,000 for one child and $16,000 for two or more," Morales said.
Daycares can often provide a document or receipts to show proof of you paying for child care.
Morales says this tax season, whether it’s your first filing or not to ask questions.
Parents or guardians can expect child tax credit returns starting on Feb. 15.
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