NEWS & RESOURCES

Advanced Child Tax Payment

By: Samuel Mack
Senior Accountant at Cordell, Neher & Company, PLLC

Samuel Mack

Samuel Mack, Senior Accountant

The first advanced child tax payment will be sent to parents on July 15th. The child tax credit was expanded through the American Rescue Plan act signed into law on March 11th.  The credit has been increased from $2,000 per child to $3,600 for a child under 6 years old and $3,000 for a child 6 years and older. Half of the overall credit can be advanced in the form of a monthly payment through the end of the 2021 tax year. Parents that would like to receive these payments will notice six deposits into their bank accounts or checks sent to the address on their 2020 Form 1040.  If you would not like to receive the child tax credit in advance and instead use the full amount against your tax liability in April you can opt out following the following steps:

  1. Go to the child tax credit update portal and click manage advance payments button. The link is provided below
  2. Create an IRS ID.me account.
  3. Once logged in select unroll from monthly payments.

https://sa.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-0005eaac-e22a-10b8-928e-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-http%3a%2f%2fsa%2ewww4%2eirs%2egov%2fctc%2f

For questions regarding the child tax credit, reach out to our team of tax professionals today at (509) 663-1661.

Events & Deadlines

CNC Newsletter

Subscribe and stay informed on policy changes that could have an impact on you.
Something went wrong. Please check your entries and try again.

Leave a Comment





TaxCaddy Login

Avantax Login

Sharefile Access

CPA/Tax Documents Only

Bill Pay Login

Footer Contact

  • This field is for validation purposes and should be left unchanged.

(509) 663-1661  - Wenatchee
(800) 767-7725  - Toll Free

(509) 662-5678
Fax Number

P.O. Box 3068
Wenatchee, WA 98807-3068

Privacy & Usage: The information on the Cordell, Neher & Company, PLLC website is provided with the understanding that it should not be substituted, in any way, for consultation with a professional Certified Public Accountant, accountant, tax, legal or other competent advisor. Cordell, Neher & Company, PLLC makes every attempt to ensure that the information contained on their websites are obtained from reliable sources, but is not responsible for any errors and/or omissions or from the results obtained from the use of any information. This site contains links to servers maintained by other organizations. Cordell, Neher & Company, PLLC cannot provide any warranty regarding the accuracy or source of information found on any of these servers, the content of any file the user might use to download from a third-party site, and is not responsibility for the content found on any of these servers or for any links these servers maintain with other servers.

Avantax financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment Services SM, Member FINRA, SIPC. Investment Advisory Services offered through Avantax Advisory Services SM. Insurance services offered through an Avantax affiliated insurance agency. Method 10® is property of Avantax Wealth ManagementSM All rights reserved 2020. The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth ManagementSM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

CNC-icon-white-02

© 2020 Cordell, Neher & Company PLLC • Designed by Pixel to Press