💰Higher child tax credit and refundable portions mean more money for families.
💸Tax brackets have shifted, resulting in lower tax rates for some income levels.
🏠Credits for energy-efficient home improvements have been expanded.
🚗Certain electric vehicles now qualify for larger tax credits.
📄Staying informed about annual tax code changes is crucial to ensure maximum refunds.
How much is the child tax credit increasing?
—The child tax credit is increasing to $2,000 for children under 17 years old and $500 for children over 17 years old.
What are the new tax brackets?
—Tax brackets have shifted, resulting in lower tax rates for certain income levels.
What are the credits for energy-efficient home improvements?
—There are new credits available for energy-efficient home improvements, such as air conditioners and insulation.
Which electric vehicles qualify for tax credits?
—Talk to your dealer to find out if the electric vehicle you're buying qualifies for the special tax credit.
How often does the tax code change?
—The tax code goes through changes each year, so it's important to stay informed to maximize refunds.
00:00Important changes to the federal tax code could mean a higher refund for taxpayers.
00:16Child tax credit is increasing to $2,000 for children under 17 and $500 for children over 17.
00:32Tax brackets have shifted, resulting in lower tax rates at certain income levels.
01:18New credits for energy-efficient home improvements are available.
01:38Certain electric vehicles qualify for larger tax credits.
02:21It's important to stay informed about annual tax code changes to maximize refunds.
02:33Most taxpayers receive their refunds within 21 days.
02:45File your taxes early to receive your refund sooner.
