Ordinarily, parents would have to wait until they filed their 2020 tax returns in order to benefit from the child tax credit. However, lawmakers are looking at providing monthly advances on the tax credit in order to get the money to families more quickly. A bigger child and dependent care tax creditAnother credit that many parents use is the child and dependent care tax credit. The proposal would raise the maximum credit to 50% and double the amount of expenses allowed, pushing the maximum credit up from $2,100 all the way to $6,000 for some families. In addition, all of the credit would be refundable, helping those who don't have enough tax liability to benefit fully from the credit.

Source: Daily Sun May 16, 2020 15:56 UTC