Fairman Group Explains the New Child Tax Credit Update

The American Rescue Plan Act changed the way that the Child Tax Credit is paid to eligible parents for 2021. Instead of being claimed as a credit on your income tax return as was previously the case, starting July of 2021, one-half of the amount of the credit will be paid monthly via a direct deposit to your checking account or a physical check mailed to you. If you decide to opt out of receiving the advanced Child Tax Credit, the IRS has created a portal you can use to indicate that change.

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Markitects, Inc.

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    Above the Historic Anthony Wayne Movie Theater

    107 W. Lancaster Avenue, Suite 203

    Wayne, PA 19087

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