Good Financial Reads: Posts for Parents

When you see your adult child’s name come up on caller ID are your first thoughts, “oh no, how much is it going to cost me this time?”

We want the best for our kids whether they are babies, toddlers, teens, or as adults out on their own.  Have you ever caught yourself saying or thinking, “What can I do, I’ve got to help, she’s my daughter”, but this has gotten out of hand!  Falling victim to this behavior can be a destructive scenario for both the parent and the adult child.  

For those with young children, the cost of childcare can feel astronomical. With two boys in daycare, my family spends well over twice as much for childcare each month than we do on our mortgage, an all too often phenomenon in the United States. Fortunately, the federal government recognized that the high cost of childcare can be burdensome for families and created several ways to offset a portion of childcare expenses including Dependent Care Flexible Spending Accounts (DCFSA) and the Dependent Care Tax Credit.

As a part of American Rescue Plan Act of 2021, significant changes have been made to how the Child Tax Credit works in 2021. Here is what you need to know if you have kids:

Fact Summary:

• The previous Child Tax Credit has been increased from $2,000 to $3,000 per child 6-17 and $3,600 per child 0-6.
• Part of the credit is being paid in advance, beginning monthly in July 2021.
• The rest of your credit will be claimed when you file your 2021 tax return.

If you have a child, you might get some money this year from the IRS. The American Rescue Plan Act that was signed into law on March 10, 2021 increases the child tax credit and calls for payments to be sent to families. The child tax credit 2021 payments are completely separate from the stimulus checks.

Here are eight things to know about the new child tax credit.

School’s out so what’s a kid to do?  Keep reading for some summer ideas for kids.  We want to help give you some ideas to keep them busy this summer while it’s warm outside.

In response to the coronavirus pandemic, the government shoveled a lot of money towards consumers through three rounds of stimulus checks. You’d think the “stimmy check” parade was over, but there’s yet another round of cash coming for families with young children! Here’s what the 2021 Advanced Child Tax Credit might mean for your family.