The 2021 Child Tax Credit is a tax benefit that is granted to parents, whose children meet the requirement of being under 18 years of age. The tax credit constitutes a deduction in the taxable income of the Income Tax (ISR) equivalent to the amount of the requested credit.

How to apply for the 2021 child tax credit?

Taxpayers may request this credit before the tax authorities or by writing to the corresponding secretary, in case of corresponding credits, through the Tax Portal.

How much can be requested?

The child credit depends on the level of income that the taxpayer has each fiscal year and thus:

  1. If it is less than the fourth tranche (the highest), up to $ 800 pesos may be requested.
  2. Between the first two tranches, the amount would be equivalent to 50% of the tax credit established for said persons in the first tranche.
  3. In the third tranche, the amount would be equivalent to 30% of the tax credit established for said persons in the first tranche.
  4. In the fourth and fifth tranches, that is, they are greater than the first two income brackets, they will not be granted a child credit.

Who can request it?

El crédito tributario por hijo 2021 podrán solicitarlo las madres o padres sin importar su sexo ni si tiene una relación matrimonial con ellos o no. También podría solicitarlo el padre o la madre de los menores cuando ésta no tiene una relación matrimonial con ellos.

What are the advantages?

The advantages of the 2021 child tax credit is that it reduces the tax payable, which directly benefits the taxpayer. In addition to being a child tax credit, it allows parents to exempt themselves from paying for the tax credit for the child that we do not have a marital relationship, since that credit is not granted the child credit.

What 2021 child tax credit is given to the fourth and fifth brackets of annual income?

By not being able to claim a child tax credit for these tranches, the person could apply for a tax credit only if they have a minor in single-parent households. In cases where the mother or father receives a compensatory pension for 100% of the monthly base salary, the latter will be entitled to the child tax credit.

The child tax credit is only for people over 65 years of age and who do not have annual income above the minimum level established to process this tax credit.

Additional Information

The 2021 child tax credit is a credit that allows you to reduce the tax payable, which directly benefits the taxpayer. The corresponding annual declarations must be submitted so that said authorities can proceed with the necessary procedures and grant the credit if they meet the conditions established above.

The 2021 child tax credit will allow exemption in cases of parents without a marital relationship, this credit is applicable for those under 18 years of age, if the condition established above is met.

In the fourth and fifth tranche, they will not be granted tax credit for child 2021 due to the level of income that the parents have each respective fiscal year. It is important to consult the advantages of this credit since it allows you to reduce the tax to pay and exempt yourself in cases where the child tax credit does not correspond to you.

At the Legal Doctor we have highly qualified professionals who will help you in your legal process to process your credit. If you want more information about this credit or want legal advice, do not hesitate to contact us at (909)319-7103 / 1 (800) 559-7170, visit us at 228 West C Street Ontario CA 91762 or contact us by clicking here. We will be ready to help you in everything you need.

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