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More federal tax cuts were signed into law in May 2003.
Changes include an increase in the child tax
credit, lower tax rates for 2003 and beyond,
lower tax on dividends and capital gains and a
reduction in the marriage tax penalty.
IRS announces many taxpayers are missing out on the additional child tax credit. Are you one of
them?
A recent report from the Treasury Department found that over 600,000 taxpayers who appeared to be eligible for the additional child tax credit failed to claim it, thereby losing out on a significant benefit. If you have children under 17 and pay little tax after deductions and exemptions, you could be one of these taxpayers. Like the earned income credit, the additional child tax credit can result in a bigger refund even if you owed no tax.
If you think that you may have missed taking advantage of this credit, bring or send your last year's tax return to us
for a free analysis. Contact us at ....
802-253-5222
Child and dependent care credit has been increased for 2003.
For 2003, you can claim a larger credit for child care expenses
Eligible expenses increase from $2,400 to $3,000 per child up to $6,000
Tax credit can be as much as 35% of eligible expenses or $2,100
Minimum credit is 20% of eligible expenses
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