How much extra money do you get back on your taxes for having a child?
With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child. ChaCha 24/7!
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About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
About Tax Credit
Tax credits are deducted from the various forms of tax, which must be filed through the federal government, state, or local municipality. Most people think of tax credits as a discount.
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