The deadline to file your taxes this year has already passed.
If you haven’t filed yet, you should as soon as possible.
You must file a return to claim the credit
The IRS has been urging all Americans to file this year especially, even if they are not required. This is because you can’t take advantage of the enhanced tax credits available for the 2021 fiscal year if you don’t file. Read more about it here. File as soon as possible in order to limit fees and penalties.
If you don’t owe taxes you won’t be penalized for filing late and can still claim the Child Tax Credit. You can claim up to $3,600 per child when you submit a 2021 tax return. The government will hold onto your money until April 15, 2025. For the first time in history, families in Puerto Rico will be able to claim the Child Tax Credit.
There are other tax credits with sizable refunds that you could still claim when you file. The Earned Income Tax Credit (EITC) and the Child and Dependent Care Tax Credit could put some cash back in your wallet. You can get up to $8,000 reimbursed on daycare expenses in the form of tax refund.
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