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The Child Tax Credit (CTC) and the Additional Child Tax Credit (ACTC):


Who Qualifies:

You can claim the Child Tax Credit for each qualifying child who has a Social Security number that is valid for employment in the United States.

To be a qualifying child for the 2023 tax year, your dependent generally must:

  • Be under age 17 at the end of the year
  • Be your son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of one of these (for example, a grandchild, niece or nephew)
  • Provide no more than half of their own financial support during the year
  • Have lived with you for more than half the year
  • Be properly claimed as your dependent on your tax return
  • Not file a joint return with their spouse for the tax year or file it only to claim a refund of withheld income tax or estimated tax paid
  • Have been a U.S. citizen, U.S. national or U.S. resident alien


You qualify for the full amount of the 2023 Child Tax Credit for each qualifying child if you meet all eligibility factors and your annual income is not more than $200,000 ($400,000 if filing a joint return).

Parents and guardians with higher incomes may be eligible to claim a partial credit.


The Earned Income Tax credit:


Who Qualifies:
Low- to moderate-income workers with qualifying children may be eligible to claim the Earned Income Tax Credit (EITC) if certain qualifying rules apply to them. You may qualify for the EITC even if you can't claim children on your tax return.


To qualify for the EITC, you must:

  • Have worked and earned income under $63,398
  • Have investment income below $11,000 in the tax year 2023
  • Have a valid Social Security number by the due date of your 2023 return (including extensions)
  • Be a U.S. citizen or a resident alien all year
  • Not file Form 2555, Foreign Earned Income
  • Meet certain rules if you are separated from your spouse and not filing a joint tax return


The maximum amount of credit for Tax Year 2023 is: 

  • No qualifying children: $600
  • 1 qualifying child: $3,995
  • 2 qualifying children: $6,604
  • 3 or more qualifying children: $7,430


​​The amount of the EITC depends on the amount you earned from working for someone or for yourself, whether you are married or single, and the number of qualifying children you have, if any. Children must meet certain relationship, age, residency and joint return requirements to be a qualifying child. Don’t miss out, find out if you are eligible at T.T.A.B Tax & Document Preparation 13895 SW 16th Ave. Ocala, FL 34473 or Call us now (352) 307-2226.


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**The IRS will not issue refunds before February 15 for tax returns with claims for the EITC and the Additional Child Tax Credit. This applies to the entire refund and not just the credit amounts. 

Child and Dependent Care Credit:


Who is eligible:

  • If you paid expenses for the care of a qualifying individual to enable you (and your spouse, if filing a joint return) to work or actively look for work.
  • If you (or your spouse if filing a joint return) lived in the United States for more than half of the year. However, special rules apply to military personnel stationed outside of the United States.


A qualifying individual for the child and dependent care credit is:

  • Your dependent qualifying child who is under age 13 when the care is provided,
  • Your spouse who is physically or mentally incapable of self-care and lived with you for more than half of the year, or
  • An individual who is physically or mentally incapable of self-care, lived with you for more than half of the year, and either: (i) is your dependent; or (ii) could have been your dependent except that he or she has gross income that equals or exceeds the exemption amount, or files a joint return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another taxpayer’s return.


Care Providers:
You must identify all persons or organizations that provide care for your child or dependent. You must report the name, address, and taxpayer identification number (either the social security number or the employer identification number) of the care provider on your return. If the care provider is a tax-exempt organization, you need only report the name and address of the organization on your return. You can use Form W-10, Dependent Care Provider's Identification and Certification, to request this information from the care provider. If you cannot provide information regarding the care provider, you may still be eligible for the credit if you can show that you exercised due diligence in attempting to provide the required information. If you pay a provider to care for your dependent or spouse in your home, you may be a household employer. If you are a household employer, you may have to withhold and pay social security and Medicare taxes and pay federal unemployment tax.


Education Credits--AOTC and LLC


Who is eligible:

​There are additional rules for each credit, but you must meet all three of the following for both:

  • You, your dependent or a third party pays qualified education expenses for higher education.
  • An eligible student must be enrolled at an eligible educational institution.
  • The eligible student is yourself, your spouse or a dependent you list on your tax return.



There are many other credits/ deductions available. Don’t miss out, find out if you are eligible at: 

T.T.A.B Tax & Document Preparation 13895 SW 16th Ave. Ocala, FL 34473

 Call now (352) 307-2226.