July News

The child tax credit doubles to $2,000 for each dependent child under age 17. The amount of the
refundable credit is $1,400. In other words, if you don’t owe taxes, you will receive a refund of $1,400.
The new tax law created a $500 credit for each dependent who is not eligible for the child tax credit.
This includes a college student, disabled adult child or a parent. This is a nonrefundable credit, so if you
don’t owe taxes, it won’t increase your refund.

The IRS’s Taxpayer Advocate says that the IRS turned over its collection of taxes to a private debt-
collection program and is going after low-income taxpayers. This program has not been well received
and the IRS to stop using it to collect from low-income taxpayers.

 

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