Repaying 2021 Child Tax Credit – What to Know

Are you at risk of owing more in taxes if you receive an advance child tax credit? Before you spend this credit, it is important to understand its potential impact on your tax bill.

Recently, Chief Investment Officer and Senior Wealth Advisor Matt Saneholtz was quoted CNBC discussing the possible implications this could have on your payment. “If you switched to a higher-paying job, for instance, or your spouse went back to work after being unemployed for most or all of 2020, you could be in a higher tax bracket next year, which could change your tax math.”

To read more potential situations that could affect your tax bill, click here.

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