As taxpayers across the country gear up for IRS Tax Season 2024, understanding the various tax credits and rebates available can significantly impact your financial bottom line.
Federal Child Tax Credit: A Boon for Families
The federal child tax credit remains a cornerstone for families nationwide during IRS Tax Season 2024. With up to $2,000 per child, families can alleviate their federal income tax liabilities, provided their income falls below $200,000.
State-Specific Opportunities: California and Pennsylvania Lead the Way
California’s Generous Tax Credits: Residents of the Golden State can access substantial tax credits, including the young child tax credit of up to $1,117 for children under 6. The state’s earned income tax credit also offers up to $3,529 for eligible individuals earning under $30,950.
Pennsylvania’s Expanded Child Tax Credit: With a maximum amount of $2,100, Pennsylvania’s expanded child tax credit aims to assist over 200,000 families, providing significant relief during IRS Tax Season 2024.
READ ALSO: How To Get Your 2024 Tax Refund Faster? Check This Out!
Expanding Horizons: Opportunities Across the Nation
Several other states are also bolstering their tax credit programs, including Vermont, New Jersey, and Minnesota, with payouts ranging from $1,750 to $2,100. Residents in Colorado, Maine, Maryland, Massachusetts, New Mexico, New York, Oregon, Idaho, Oklahoma, and Utah are also eligible for various tax credit programs.
As the April 15 deadline looms for tax filings, taxpayers nationwide are encouraged to explore the available tax credits and rebates to optimize their financial outcomes during IRS Tax Season 2024.
READ ALSO: Child Tax Credit Expansion: What It Means for Families and Children
Leave a Reply