Should you wait to file your tax return with the IRS? Learn how the upcoming bipartisan tax deal and Child Tax Credit expansion could affect your tax returns and refunds, especially if you’re a parent. This guide highlights important dates, filing strategies, and the potential impact of early filing on your finances.
Should You File Your Tax Return? 2024 Child Tax Credit Changes
If you have kids, I’ve got an important piece of advice: Consider holding off on filing your tax return until at least January 29th, or even better, until the dust settles on some political decisions. Why? If you have seen our other video on the Child Tax Credit, changes are afoot for tax year 2023, for tax filing in 2024, and they could mean a lot more money in your pocket. But if you file now, before these changes kick in, and these changes impact you, you might miss out on hundreds, maybe thousands of dollars. And trust me, amending your tax return later is a headache you don’t want.
Now, this does not impact everyone. It mainly impacts people who have kids, who also have income below certain amounts.But, and this is important, the bill isn’t set in stone yet.
Now, what if you’ve already filed your return? If this bill passes, there’s a chance the IRS could correct your return and give you the updated amount, saving you from filing an amendment. But that’s not guaranteed. Amendments can be a slow and stressful process, so ideally, we want to avoid that.
So, what’s the takeaway here? If you’re a parent it’s worth waiting a bit before filing your tax return. Keep an eye on the news, and we will update you as things develop. This could be a game-changer for a lot of families, and I’m here to help you navigate it.
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Money Instructor does not provide tax, legal, or investment advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or investment advice. You should consult your own tax, legal, and investment advisors regarding your own financial situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing. Please note, the context of financial investments can be complex and dynamic, necessitating professional advice tailored to your unique circumstances.