First Advance Child Tax Credits Issued Today
The first of the monthly child tax credit advances were issued today. The IRS issued close to $15 billion of checks to individuals and families today. Most payments were for $250 per child, and $300 if the child is under 6.
We mentioned a few weeks ago that individuals could opt out of the advanced payments through the IRS website. In order to opt out of the August payment, you need to unenroll by August 2nd. You can opt out with the IRS here.
Here’s the payment schedule and unenrollment deadlines for the next few months.
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
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