2023 U.S. Child Tax Credit Update: Why it may be worth waiting to file your tax return

Quick Overview:

• Current Credit: $1,600 per child for 2023 returns.

• Proposed Increase: To $1,800 per child.

• Status: Passed the House, pending in the Senate. Likely to pass.

Why It Matters:

The Child Tax Credit (CTC) helps U.S. families by reducing taxes or increasing refunds. For 2023, there's a potential increase from $1,600 to $1,800 per child. This change could provide extra support for your family.

What’s Happening:

The increase is in the final stages of approval. It's already passed the first critical step (the House) and is now with the Senate. As US tax accountants it is our belief that it is extremely likely to be passed and therefore familiar will be able to save and additional $200 per child. 

What You Should Do:

Consider waiting to file your 2023 tax returns if you have eligible children. Filing now means you might miss out on the extra $200 per child if the increase is approved. You'd have to amend your return later to get this benefit. 

Stay Updated:

It's essential to keep up with the latest tax changes. Waiting for the Senate's decision could mean more money for your family. We're here to help guide you through these updates.

Need More Info?

Contact us for help with the CTC or other tax questions. We're experts in making tax season easy and ensuring you get all the credits you're entitled to.

Bottom Line:

The proposed CTC increase for 2023 could mean more money for families. Keep an eye on the Senate's decision and consider holding off on filing your return to potentially maximize your refund.

Your Tax Experts:

We monitor tax changes closely and are committed to helping you navigate them. Reach out for personalized advice tailored to the latest laws and your family's needs.

Please note: this is not advise to delay filing pass your required tax filing deadline.