The founder and owner of Belott & Company CPAs, LLC in Chatham, New Jersey, Richard Belott is a certified public accountant who graduated with a bachelor's degree in accounting from Fairleigh Dickinson University. At his company, Richard Belott advises clients on retirement and estate planning. His company website, www.belottcpa.com, also provides visitors with trending tax news via newsletters.
The federal government made the first child tax credit payments in July 2021 to more than 35 million households with 60 million children. According to the US Treasury Department and the Internal Revenue Service, almost $15 billion was transferred in the payout. $423 was the average payout.
The funds come from the enhanced child tax credit (CTC) program, which was included in President Joe Biden's American Rescue Plan, signed into law in March. For the 2021 tax year, the act increased the existing child tax credit from $2,000 to $3,000 and added a $600 incentive for children under the age of six. Families will get half of the credit in monthly payments from July through December. Families that will receive full credits will get $300 monthly for kids under the age of 6 and $250 monthly for those aged 6 to 17.
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