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Senate changes to the Big Beautiful Bill affect taxes on tips, overtime, and the child tax credit. Discover the details about deductions, eligibility, and what to expect moving forward. Stay informed! #TaxChanges #ChildTaxCredit #OvertimeRules #TipDeductions #FinanceEducation
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The Child Tax Credit is changing for 2025 💡 Instead of $2,000 per child, eligible families can now receive $2,200 per qualifying child in 2025 and 2026. No...this is not your sign to have a baby 😂 But it does help with rising costs. Just keep in mind: • Child must be under 17 • Must be your dependent • Must live with you at least half the year • Must have a valid Social Security number Phase-outs apply at higher income levels, but if you qualify, that’s $2,200 per child on your return. Follow
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📌 Key Facts for the 2025 Child Tax Credit (CTC) 💰 Maximum Credit Amount ✅You can claim **up to $2,200 per qualifying child under age 17 for the 2025 tax year. This is an increase from the previous $2,000 amount. 📊 Refundable Portion (Additional Child Tax Credit) ✅If the credit exceeds your tax liability, you *may receive up to *$1,700 per child as a refund through the Additional Child Tax Credit (ACTC). 👶 Qualifying Rules ✅The child must be under 17 at the end of 2025, claimed as a dependent
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