If you are a U.S. citizen, you hopefully remember to fill in your annual tax return to the IRS. You must complete this annual tax return no matter where you are living, as, unlike most other countries, the U.S. demands that you fill it in even if your residence is in another country. This may be a great hassle and sometimes a costly exercise not just because you may very well end up paying U.S. taxes on top of those you are paying to the country you are residing in, but you may also want to pay an accountant to make sure that you get it right.
There is a flip side, though; just as they may tax you, they also give you benefits. One of these benefits is the Child Tax Credit. Of course, to qualify, you must have children! Those children must also be U.S. citizens, younger than seventeen years old, and crucially must also have their own Social Security Number.
The amount you can claim per child in Child Tax Credit is linked to the U.S. parents’ income. Claiming Child Tax Credit is, therefore, really worthwhile to those parents on a lower income. In total, you can claim as much as $1,400 per child. As stated, the exact amount is calculated based on the parent’s earnings.
Many people are unaware that they can claim Child Tax Credit when filing their U.S. taxes and regret not taking advice sooner or having an expert file for them from the start. Not all is lost as it is possible to claim retroactively for up to three years. This is a great help to many people who otherwise would have missed out on this rebate.
If a parent gets to the stage where they realize that they have missed out on the Child Tax Credit, they may also consider what else may have been missed or filled out disadvantageously on their tax forms. It makes sense to consider paying an expert like Philip Stein and Associates to file on your behalf as they have the expertise to reduce your tax liabilities and increase your tax rebates.
You can get in touch with one of our friendly experts, and we will patiently take all the details we need from you. We will need your child’s Social Security Number to claim the rebate. If you do not have this, we can explain how to obtain it. We will then help prepare and file your annual U.S. tax return and claim Child Tax Credit for all of your children who possess a U.S. Social Security Number.
Once they have filed your taxes, the IRS will hopefully deposit the Child Tax Credit either into a U.S. bank account or send you a check. If you claimed retroactively for Child Tax Credit, the sum you receive could be a very healthy amount.
If your children are U.S. citizens but do not reside in America, you are eligible to claim Child Tax Credit retroactively when filing your annual tax returns. Phillip Stein and Associates would be happy to help you.