Congress is negotiating a $100 billion bill that may offer tax breaks to parents and businesses.
Democrats are considering restoring some of Trump’s tax cuts in exchange for expanding the child tax credit.
Taxpayers are advised to delay filing until February to see the outcome. (Trending: First Moon Mission In 50 Years Blasts Off)
The expanded child tax credit lapsed due to Republican opposition, and there’s ongoing discussion about how to pay for the bill.
“What I would do is hold off until February [to file taxes] to see what’s going to come out,” University of New Haven associate professor James Mohs said.
“You always want to take benefits, deductions, credits and everything else into account. What’s going to benefit you the most? Whether benefits stay or not is another story.”
“Discussions are ongoing and we’re continuing to make progress,” Ryan Carey wrote. “There’s optimism on all sides, and the goal remains to get this done in time for changes in the child tax credit to take effect in this upcoming filing season.”
The IRS has implemented new federal income tax brackets for 2024, with adjusted earnings thresholds and increased standard deductions.
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