It’s hard to realize we’re only five weeks away from the year’s end. By that time, we’ll have had Christmas, and many people will have received at least one more stimulus check. In many situations, there are several.
A few of the new checks and payments will be unexpected. Others, of course, are already known to us, and their families are anticipating their arrival. On December 15, for example, the sixth and last child tax credit will be available. We’ll go through some of what’s coming in this post, including the shocks and everything else.
December’s stimulus check may be unexpectedly large for certain folks. That’s because not every child tax credit check will be the same next month.
The majority of recipients will get the same amount as the previous five checks. In other words, a few hundred bucks each qualifying child.
Meanwhile, other families have only recently begun to get these payments. If that’s the case, the IRS will send you a type of catch-up payment in December if you signed up by November 15.
Families will receive a lump-sum payment in December for what took them six checks to obtain. What’s more, keep in mind that yours will still only be an advance payment for half of the total child tax credit amount you’re qualified for.
The second half will be distributed as a tax credit to everyone next year when they pay their federal income taxes.
Meanwhile, many individuals may be unaware of another stimulation benefit that they might take advantage of. The Child and Dependent Care Tax Credit is what it’s called.
This is another significant tax break for working families. In essence, parents will be able to recover up to 50% of their daycare expenditures up to $8,000 in 2021. For a maximum of two children. However, it isn’t solely for child-related expenditures.
As the name indicates, the costs may be incurred as a result of caring for a spouse, parent, or other dependent who is unable to care for themselves.
These kind of stimulus cheques aren’t simply coming from the federal government after Thanksgiving.
Checks are being mailed to citizens in states such as Maine. More than 500,000 people in the state will get a one-time payment of $285. Those checks will be distributed in waves till the end of the year.
In California, the Golden State Stimulus II program is giving residents up to $1,100.
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