As part of the American Rescue Plan Act of 2021, changes were made to the Child Tax Credit. These changes include an increase which brings the credit up to $3,600 for each child under 6 and $3,000 for each child under age 18 for 2021. The updated Child Tax Credit also calls for monthly advance payments of the credit beginning on July 15, 2021 so that families do not have to wait on the filing of their 2021 tax returns. The IRS will be setting up a portal for families that need to make changes or opt out of the prepayment. You can read more and look for updates on the IRS link below.

For more information, contact Andrew Beauchamp, CPA at (770) 287-7800 or abeauchamp@rushtonandcompany.com. Stay tuned for more tax tips or follow them on our social media accounts every #TaxTipTuesday!

Read more here:https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.