Discover everything you need to know about 2023-204 Child tax Law Credit from trusted and expereinced estate planning, probate and elder law firm. Sandoval Legacy Group.
Navigating the intricacies of tax laws and credits can be daunting, especially when it involves the welfare of your family. At Sandoval Legacy Group, your trusted estate planning and elder law attorneys, we understand the importance of staying informed and prepared. In this blog post, we delve into the essential details of the Child Tax Credit for 2023-2024, offering clarity and guidance to help you maximize your benefits when it comes time to file your taxes.
The Evolution of the Child Tax Credit
First introduced in 1997, the Child Tax Credit has undergone several expansions. The most significant of these changes occurred in 2020 amidst the COVID-19 pandemic. This period of uncertainty reshaped many aspects of our lives, including the dynamics of work and income. In response, the federal government introduced pandemic relief legislation, bringing critical changes to the Child Tax Credit.
Although the expanded federal Child Tax Credit concluded last year, it’s important to note that several states have implemented their versions with others considering similar initiatives. Keeping abreast of your state’s regulations is crucial in understanding your eligibility and the benefits available to you.
What the 2023 Child Tax Credit Offers
For the 2023 fiscal year (applicable to the tax return due in April 2024), the Child Tax Credit stands at a maximum of $2,000 with a refundable amount of $1,600. This credit is available to families with a modified adjusted gross income (MAGI) up to $400,000 for joint filers and $200,000 for all other filers. However, exceeding these income thresholds will result in a gradual reduction of the credit by $50 for every $1,000 over the limit.
Looking Ahead: The 2024 Tax Year
The 2024 tax year brings a notable change: the refundable portion of the credit increases to $1,700. This adjustment means that eligible taxpayers could receive an additional $100 back per qualifying child as part of their tax refund. As always, income limits are a determining factor in eligibility. Moreover, with 2024 being a presidential election year, potential legislative changes could further impact the Child Tax Credit in the first half of the year.
Why Professional Guidance is Key
The Child Tax Credit, while beneficial, can be complex and nuanced–particularly when considering individual circumstances and state-specific variations. At Sandoval Legacy Group, we recommend consulting with a trusted estate planning attorney, especially if they are experienced in tax law. They can provide personalized advice to ensure that you are fully informed and able to make the best decisions for your family’s financial future.
Staying informed about tax laws and credits like the Child Tax Credit is essential for effective financial planning. As your dedicated elder law and estate planning attorneys, we at Sandoval Legacy Group are committed to providing you with the knowledge and resources you need to navigate these changes successfully. For more information or to schedule a consultation with a trusted estate planning attorney, visit our website or contact us directly. Together, we can ensure that you and your family are well-prepared for the fiscal year ahead.
Contact Sandoval Legacy Group now and take the first step towards a secure future.
By planning today, you can ensure that your family is protected and your legacy is preserved for generations to come. Estate planning is a gift you give to your loved ones, providing them with the financial stability and security they deserve. Get started now and make the smart choice for your family’s future. Contact us at (888) 502-2881 or send us an email to schedule a free consultation.
Contact Us for Personalized Estate Planning in Southern California
We know discussing end-of-life plans can be difficult, but we approach this delicate conversation with respect and dignity. Our trusted estate planning, probate and elder law services cover all areas of elder law and probate based on your specific financial & health situation. If you have questions or concerns regarding your estate plan, probate, special needs planning, or elder law, attorney Dennis M. Sandoval and the Sandoval Legacy Group team are ready to assist you.
Southern California’s Premier Estate Planning, Probate & Elder Law Law Firm
With thirty-plus years of experience as an estate planning law firm in Southern California, you will have the most experienced legal minds to guide you. The trusted estate planning lawyers at the Sandoval Legacy Group, a division of Holstrom Block & Parke, A Professional Law Corporation, have offices located throughout Southern California in Newport Beach, Riverside, Corona, Temecula Valley, San Diego, and Vista. If you have questions or concerns regarding your estate plan, special needs planning, elder law, conservatorships, advanced tax planning, or probate, contact us or give us a call at (888) 502-2881 to schedule a complimentary consultation.