What's the advance child tax credit‪?‬ Early Care for Every Kid

In this episode of early care for every kid, we discuss:
(01:30) what is the expanded/advance child tax credit(02:40) how to claim the child tax credit (even if non-filer)(03:01) how much will your family receive when(04:18) who is eligible to receive the child tax credit(05:06) how to claim the child tax credit (even if $0 income)(07:00) when and how much(07:42) why you might want to unenroll from the monthly payments(08:43) immediate benefits of the child tax credits for businesses and families(10:34) to be sure, naysayers may say...(11:34) what I say(13:14) benefits vs costs of the child tax credit(15:00) how to make this a permanent fixture(15:42) how to be a good neighbor
Mentioned in this episode:
Advance Child Tax Credit Payments in 2021 (Manage Payments | Non-Filers | Check Eligibility) https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021American Rescue Plan https://www.whitehouse.gov/american-rescue-plan/Research from the Center on Budget and Policy Priorities https://www.cbpp.org/research/federal-tax/house-covid-relief-bill-includes-critical-expansions-of-child-tax-credit-and
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AI-generated transcript below. Please excuse any typos or errors.
Danielle An
(00:00)
If you're a parent like me, you may have received an actual hard copy letter in the mail recently about the Advanced Child Tax Credit payments that will begin this week. I can't believe I'm saying this, but I'm excited to talk about updates from the IRS. The Advanced Child Tax credit and the payment schedule, what it is, who's eligible, and how much you can expect to receive.
It's all coming up in this episode of early care for every kid.
This is early care for every kid, a podcast for people who want to make learning, living, and loving more harmonious for everyone. I'm your host, Danielle An. Each week, I interview fellow parents, educators, advocates, and community leaders who care for and work with young children and families. I share their experiences, insights, and specific, actionable tips on how you could help make the world work better for everyone. Welcome to our conversation.
(01:30)
Beginning this week, the IRS will start making Advanced Child Tax Credit payments to eligible households in monthly payments. I'll go over what the advanced child tax credit is, who is eligible to receive this payment, what you have to do to claim this, when and how you can expect to receive how much, and finally, some thoughts on this.
(02:40)
1. First, what is the advanced child tax credit? Generally a child tax credit is a credit allowed for a percentage of work-related expenses to care for dependents a taxpayer would incur to work or to look for work, like childcare costs, before or after school care costs.
Typically tax credit is available only when you file your taxes. But this year 2021, the IRS is making early monthly payments, hence the name advance child tax credit, starting this Thursday, July 15th. Under...