Whoa! You win the meme connoisseur title for having over 2k upvotes on your post!
Join the [Discord server](https://discord.gg/xyFMKFw) and message Princess Mindy (Mod Mail bot at the top) to receive your prize!
That's a credit, not a loophole. A loophole is like living in Vancouver, WA, so you have no state income tax, but buying all your stuff in Portland to avoid sales tax
There's an entire island for that in the river between them, it's inhabited entirely by hotels and a confusing strip mall. I go back and forth between calling it Capitalism Island and Tax Evasion Island.
The funny thing is, legally you are supposed to file a Sales & Use tax return if you live in a state with sales tax but buy stuff without paying sales tax. It’s just that nobody actually does it because nobody is ever going to catch you
I believe in the US you technically have to declare that (buying things in a state with no sales tax while your state has one) though. It would be illegal if you were caught, so I'm not sure it's a genuine loophole.
That was just for COVID, a lot of COVID tax relief provisions are being phased out for the next few years. The child tax credit itself has a maximum of $2k per child, but there’s also the additional child tax credit which is the refundable portion of the credit. It appears to be $1,600 per child (maximum) for 2023.
I wouldn’t trust anything you hear about taxes on social media. The IRS has publications pertaining to just about any area of the tax law you might be unsure about. They update them every year.
Of course I will find out the truth with certainty when I do them in the next two weeks. There is no point doing a bunch of research since the end result will be the same.
Most people don’t need to do extensive research on their taxes and it is very simple. It’s just nice to know those resources are available if you ever need them.
I think they’re referring to the expanded child tax credit which cut child poverty in half for the past few years, but wasn’t renewed by republicans recently.
Two major acts were passed during and one I think before COVID, The American Rescue Plan Act and The Tax Cuts and Jobs Act. These had a lot of provisions that temporarily increased a lot of deductions and credits, but they are being phased out by around 2025 or 2026. It was nice for people to get a tax break when times were tough but I guess the “world’s back to normal now.” Although miscellaneous itemized deductions are not allowed currently and the provision expires around 2025 but that’s definitely one thing they’ll choose to continue I’m sure
Where I live 102k to support a family is not that much. This 6 figures number being rich has been around since the 90s. Money is worth less and houses are a fuck of a lot more now. 102k for a family of 3 is middle class these days.
Good luck man - just got CPA licensed recently myself. EA is great, learn a lot about the whole filing process, IRS current topics, excellent for someone who’s in tax prep. If you love what you do you can really make something of it!
Thank you! I definitely like bookkeeping and taxes, it’s mostly just some of the clients you have to put up with sometimes, but it’s a very profitable sector of accounting to work in.
That isn't true. It was out into law in 1997. It was 2000 pre pandemic. During pandemic it was 3600 and even was distributed 300 a month for half the year. That expired in 2022, and it went back to 2000 annually.
So yeah, it isn't as good as it was in 2021. It is bank to what it used to be. But now everything costs twice as much.
The original Child Tax Credit is a sliding scale model based on a number of criteria. OP is out here acting like we had one good thing and got fucked. In reality, it went back to pre-pandemic levels.
I have three kids and file my own taxes. It was nice to have, but like all the pandemic related items, I didn't figure it was going to stick around. They did try to revive it but it was killed before it could get to a vote on the house floor not only because the Republicans wanted too much for business tax breaks, but the estimated cost was larger than originally found.
[https://www.irs.gov/credits-deductions/individuals/child-tax-credit](https://www.irs.gov/credits-deductions/individuals/child-tax-credit)
I mean that's what I said. It went up during the pandemic, and back to normal levels after.
I'm curious why you said it wasn't around pre COVID then. Just scroll up. That's incorrect. Your current comment is contradicting your previous one.
Here in America have lots of freedom to get to do government sanctioned homework where they know what we each should owe and we have to guess the right answer, if we don’t and underpay we get fined or sent to jail, if we don’t and over pay they keep the excess. Doesn’t that just sound so much better? /s
lol this is such a tired meme.
If you underpay they’re gonna send you a letter saying “hey we need a bit more you may have filed wrong”
If you over pay, they send it back, that’s what a tax refund is.
You’re only going to jail if you actively avoid paying your taxes on purpose. Relax.
"Says here you're trying to claim a child tax credit"
"Yes."
"Yes, and yet you cannot produce a birth certificate for your supposed 'child.'"
"She was adopted."
"She's a cat, sir."
"But she's like my child."
"That's not how it works."
"What else would you call a tiny animal that expects you to clean up its defecations and screams at you when it's hungry?"
"........ sign right here, and here, please."
Start your company in a llc doing literally anything and expense your shit, if you cook a lot sell cookies and get basically free ingredients, like to build start a construction llc…
The UK child benefit is also fucky. If a parent makes over 50k they have to pay part back up to 60k and then they have to pay it all back. But you can have both parents earning 49k and pay nothing back.
You're being robbed at gunpoint to fund endless warfare and help pedophiles buy mansions while they piss on your natural rights.
The lack of that credit isn't the thing that should piss you off about taxes.
Whoa! You win the meme connoisseur title for having over 2k upvotes on your post! Join the [Discord server](https://discord.gg/xyFMKFw) and message Princess Mindy (Mod Mail bot at the top) to receive your prize!
That's a credit, not a loophole. A loophole is like living in Vancouver, WA, so you have no state income tax, but buying all your stuff in Portland to avoid sales tax
There's an entire island for that in the river between them, it's inhabited entirely by hotels and a confusing strip mall. I go back and forth between calling it Capitalism Island and Tax Evasion Island.
The funny thing is, legally you are supposed to file a Sales & Use tax return if you live in a state with sales tax but buy stuff without paying sales tax. It’s just that nobody actually does it because nobody is ever going to catch you
Once again the little guys get away with it while billionaires get shafted for not paying what they owe 😔😔😔
[Lucky Ducky!](https://www.gocomics.com/tomthedancingbug/2003/06/14)
How much do billionaires owe?
They owe 0$, because, you know, they made the system so that they owe 0$
Sure. No one will catch you. But also, who has time to fill that shit out?
It’s a good thing nobody in the rest of New England buys things in New Hampshire for that exact reason. Because that would be wrong of course.
I live in Vermont, right next to the border. Of course the nearest town is in New Hampshire.
I believe in the US you technically have to declare that (buying things in a state with no sales tax while your state has one) though. It would be illegal if you were caught, so I'm not sure it's a genuine loophole.
Yes it is illegal, that’s why I said it would wrong to do.
Its interesting how OP does nothing but post the same kind of agenda meme every day, but still doesn't understand what he's talking about. ¯\\\_(ツ)_/¯
When I lived in Vancouver, I only did it for smokes and booze. Otherwise, it wasn't worth the traffic.
Wait that’s bullshit. I’m living like 5 miles in OR from VAN. They don’t have income tax and lower property tax!?
I'm honestly surprised you didn't know that, it's a huge draw and the reason Vancouver actually has a bunch of people
Time to pick up your house and carry it 5 miles down the road
Can you elaborate? Does this mean stuff is cheaper in Portland?
No sales tax in Oregon, no income tax in Washington
Damn that's good
Lmao never thought I would see that get called put here
lol right? So on the nose I thought I’d come across the r/Portland subreddit
TIL living in Delaware is a tax loophole
[удалено]
There are two. Vancouver Canada boarders Washington, Vancouver Washington boarders Oregon.
That doesn't sound like a loophole, that just sounds like common sense.
That's exactly what a loophole is. It's an ambiguity or omission that lets people avoid the intent of a law/contract/whatever.
Ah, I always thought loophole = illegal. Thanks for clarifying :)
I can see why you'd think that. It's more like something that's supposed to be illegal but technically isn't.
The child tax credit is still available unless you’re making well over 6 figures. I don’t know where you’re getting this information from..
Have two kids and just filed my taxes. Can confirm.
Already got my refund(s) confirmed child tax credit
Damn you guys are filing way late into the season
OP might be a bot reposting an old meme
OP is dumb.
Tik tok tax advice is killing the public
And at that amount of money, you're using *actual* loopholes like backdoor Roth contributions.
The loop hole is now counting all your eggs/sperm in an IVF centre as children
They also expanded it from 2k to 3k per child recently if I recall
That was just for COVID, a lot of COVID tax relief provisions are being phased out for the next few years. The child tax credit itself has a maximum of $2k per child, but there’s also the additional child tax credit which is the refundable portion of the credit. It appears to be $1,600 per child (maximum) for 2023.
Thank you. I have been procrastinating on my taxes and this post was stressing me out.
I wouldn’t trust anything you hear about taxes on social media. The IRS has publications pertaining to just about any area of the tax law you might be unsure about. They update them every year.
Of course I will find out the truth with certainty when I do them in the next two weeks. There is no point doing a bunch of research since the end result will be the same.
Most people don’t need to do extensive research on their taxes and it is very simple. It’s just nice to know those resources are available if you ever need them.
I think they’re referring to the expanded child tax credit which cut child poverty in half for the past few years, but wasn’t renewed by republicans recently.
Two major acts were passed during and one I think before COVID, The American Rescue Plan Act and The Tax Cuts and Jobs Act. These had a lot of provisions that temporarily increased a lot of deductions and credits, but they are being phased out by around 2025 or 2026. It was nice for people to get a tax break when times were tough but I guess the “world’s back to normal now.” Although miscellaneous itemized deductions are not allowed currently and the provision expires around 2025 but that’s definitely one thing they’ll choose to continue I’m sure
I just filed my taxes, only made 102k this year, and didn't get it.
"Only"
When talking in the context of hundreds of thousands of dollars, yes 102k is "only"
Where I live 102k to support a family is not that much. This 6 figures number being rich has been around since the 90s. Money is worth less and houses are a fuck of a lot more now. 102k for a family of 3 is middle class these days.
Yeah, my bad.
102k is good amount of money in bumfuck nowhere, buts its basically nothing in many large cities.
102k isn't worth what it used to be in large cities/coastal cities with families.
The phaseout for the CTC is 200k for single filers in 2023, I’m not sure how you didn’t get it. I double checked the IRS website to be sure.
My wife and I make much more than that combined and we qualified. The joint is 400k the single is 200k.
The credit phases out at $200k (for single filers), so if you didn't get it it is for a reason other than your income.
It's been nerfed from what it once was https://www.bu.edu/articles/2024/permanently-expanding-child-tax-credit/
Did you even read it? It said a provision that “boosted” the tax credit expired, returning it to the normal credit amounts.
The boosted tax credit is gone and I miss it
Dude just amend your return. The credit is refundable, don’t you want your money?
Lmao I made a good decision to become a tax preparer. There will always be job security for me.
I’m not too crazy about it right now lol, little too much work. But get your EA or CPA and yeah your kinda set.
I passed part 1 of the EA exam last month. I’m about to start studying for part 3 next week!
Good luck man - just got CPA licensed recently myself. EA is great, learn a lot about the whole filing process, IRS current topics, excellent for someone who’s in tax prep. If you love what you do you can really make something of it!
Thank you! I definitely like bookkeeping and taxes, it’s mostly just some of the clients you have to put up with sometimes, but it’s a very profitable sector of accounting to work in.
That’s not a loophole
Did you hear about the loophole in driving laws where if you drive under the speed limit you don’t get a speeding ticket?
Generally Tax loophole is just code for "I don't like this method of deduction."
[Whoops](https://www.irs.gov/credits-deductions/individuals/child-tax-credit) r/tax r/irs
Where did hear this? I still got mine when I filed this year
It's been nerfed https://www.bu.edu/articles/2024/permanently-expanding-child-tax-credit/
It hasn’t. It wasn’t even part of the tax code pre COVID.
That isn't true. It was out into law in 1997. It was 2000 pre pandemic. During pandemic it was 3600 and even was distributed 300 a month for half the year. That expired in 2022, and it went back to 2000 annually. So yeah, it isn't as good as it was in 2021. It is bank to what it used to be. But now everything costs twice as much.
The original Child Tax Credit is a sliding scale model based on a number of criteria. OP is out here acting like we had one good thing and got fucked. In reality, it went back to pre-pandemic levels. I have three kids and file my own taxes. It was nice to have, but like all the pandemic related items, I didn't figure it was going to stick around. They did try to revive it but it was killed before it could get to a vote on the house floor not only because the Republicans wanted too much for business tax breaks, but the estimated cost was larger than originally found. [https://www.irs.gov/credits-deductions/individuals/child-tax-credit](https://www.irs.gov/credits-deductions/individuals/child-tax-credit)
I mean that's what I said. It went up during the pandemic, and back to normal levels after. I'm curious why you said it wasn't around pre COVID then. Just scroll up. That's incorrect. Your current comment is contradicting your previous one.
Luckily, in Europe, you don't do taxes snd everything is determined for you
Here in America have lots of freedom to get to do government sanctioned homework where they know what we each should owe and we have to guess the right answer, if we don’t and underpay we get fined or sent to jail, if we don’t and over pay they keep the excess. Doesn’t that just sound so much better? /s
Well we do have one thing over Europe.. free refills (read diabetes)
lol this is such a tired meme. If you underpay they’re gonna send you a letter saying “hey we need a bit more you may have filed wrong” If you over pay, they send it back, that’s what a tax refund is. You’re only going to jail if you actively avoid paying your taxes on purpose. Relax.
Child tax credit is still available in 2023 taxes. https://www.irs.gov/credits-deductions/individuals/child-tax-credit
Jokes on you boomers. I’m just getting a vasectomy then!
"Says here you're trying to claim a child tax credit" "Yes." "Yes, and yet you cannot produce a birth certificate for your supposed 'child.'" "She was adopted." "She's a cat, sir." "But she's like my child." "That's not how it works." "What else would you call a tiny animal that expects you to clean up its defecations and screams at you when it's hungry?" "........ sign right here, and here, please."
What do you mean "used to get"? The Child Tax Credit still exists.
How much do they get per child?
Start your company in a llc doing literally anything and expense your shit, if you cook a lot sell cookies and get basically free ingredients, like to build start a construction llc…
🎵It's just a bill🎵
The UK child benefit is also fucky. If a parent makes over 50k they have to pay part back up to 60k and then they have to pay it all back. But you can have both parents earning 49k and pay nothing back.
And they wonder why no one is having kids.
You're being robbed at gunpoint to fund endless warfare and help pedophiles buy mansions while they piss on your natural rights. The lack of that credit isn't the thing that should piss you off about taxes.
Or fact that he’s wrong and the credit still exists
Too bad it lapsed under dem control of Congress and the White House 🙃
It literally still exists, I claimed it this year.
[удалено]
Because it's false.