Dr. Friday discusses the upcoming reduction in the Child Tax Credit for 2024, highlighting that the credit will decrease to $2,000 for children under 17 and $500 for those over 17. This change means losing $1,000 per child under 17, which could impact your tax liability. Dr. Friday advises checking your budget now to avoid unexpected taxes due to this adjustment. If you need assistance, reach out to Dr. Friday’s team or tune in to her live show on Saturdays.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Child tax credit. As of 2024, it will go down to $2,000 for children under the age of 17 and $500 for children over the age of 17. So that means that you’re going to lose about $1,000 for children under and that’s going to hurt your budget. So you better make sure right now that you’re testing out to make sure if you lose a couple thousand dollars, you’re not going to owe more in taxes due to this tax adjustment. No extension has been filed on this under the tax code. If you need help, give us a holler at 615-367-0819.
You can catch the Dr. Friday call and show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.