Child Tax Credit Payments Are Coming To Families This Week

07/12/2021 Headline News
Child Tax Credit Payments Are Coming To Families This Week
Child Tax Credit Payments Are Coming To Families This Week (Image: Pixabay)

Beginning this month, families with children will receive additional funds deposited into their bank accounts. The child tax credit payments may serve as a boost for businesses, as parents use the money to buy food or back-to-school items for their children.

On July 15, about 39 million American families will get the first of six advance monthly installments of the increased federal child tax credit, reported CNBC.

However, according to financial experts, some of those households should choose not to receive the monthly payments but rather claim the whole credit when they submit their 2021 taxes next year.

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The IRS launched an online portal in June for families to notify the government agency that they do not wish to receive the advance payments.

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