Although it is doubtful many taxpayers need to be reminded about the income tax filing deadline on April 15th , it is likely many are unaware of a new child tax credit. Thanks to the Taxpayer Relief Act of 1997, many Iowa families may get to keep more of their hard-earned money this tax season. This is on top of the standard tax break already available to parents of dependent children. As a father of five, I understand how this tax credit can make a big difference for families on tight budgets.
Parents deserve to keep more of their own money.
They can better account for those dollars within their own family budgets. Too often, taxpayers may feel like their tax dollars disappear into a black hole within the federal budget. Just as often, taxpayers recoil at the endless paperwork involved with the Internal Revenue Service. In your haste to finish taxes this year, don't skip over the new child tax credit. Parents with one or two children must fill out line 43 of Form 1040 or line 28 of Form 1040A. Parents with more than two children must complete a longer worksheet, Form 8812.