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Shauna Hovancsek, CPA

Shauna Hovancsek, CPA
Shauna provides tax compliance and planning services to closely held businesses and individuals. She has experience in a broad range of industries including real estate, manufacturing, professional services, and high net worth individuals. She feels best utilized when she is brainstorming and problem-solving with clients.

Recent Posts

Planning for the 2021 Child Tax Credit – Credit Optimization for Divorced Parents

Posted by Shauna Hovancsek, CPA on Jul 8, 2021 6:53:18 PM

Last week we posted some information about the Advanced Child Tax Credit for 2021. Details about the credit can be found in that blog post here.

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Here Come the Child Tax Credit Payments: What You Need to Know

Posted by Shauna Hovancsek, CPA on Jun 30, 2021 2:43:39 PM

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.

Understanding the CTC, then and now
The CTC was established in 1997. Unlike a deduction, which reduces taxable income, a credit reduces the amount of taxes you owe on a dollar-for-dollar basis. While some credits are limited by the amount of your tax liability, others, like the CTC, are refundable, which means that even taxpayers with no federal tax liability can benefit. Historically, the CTC has been only partially refundable in that the refundable amount was limited to $1,400.

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