When you are living in an apartment and worried about your budget along the way, then you will want to spread your finances out to cover it all. Every little bit is going to count and that is why tax season can be so important when you are living in an apartment. There are a lot of tax credits you can consider depending on your situation, but one thing that a lot of people use is the child tax credit.

The child tax credit is going to be a special credit from the IRS that will lower your tax bill based on the number of children you can claim. This is a good break for those parents who are already struggling with affording all the stuff they need for their kids. The government created this credit to help with some of the costs that naturally come with raising and having kids, because they realized that parents would need some relief.

The amount that you can get for this credit will depend on the year and even how many kids you have. It does have an income limit, but most American families will fall in this. For 2023, you were able to get a maximum credit for $2000 for each qualifying child under the age of 17, as long as you make less than $400,000 as a married couple and $200,000 as individuals.

Now, there are a few types of tax credits that you can get from the IRS and they are both handled differently. One is nonrefundable and one is refundable. Both are going to lower your tax bill. But if a refundable credit is more than the total bill that you owe, then you will be able to get what is leftover as a refund, even if you have a tax bill at zero. The child tax credit is considered refundable, so you will be able to get some of that money back in your pocket to cover the expenses of parenting.

Finding an apartment that is going to have all of the features that you need along the way. We are proud to have a lot of different options that will fit your budget and the amount of space that you are looking for in your new home. That is why you should come check out our one bedroom apartments for rent near Anaheim packing district. This great location offers all the amenities and more, along with comfort and affordability in one place. When you are ready to move into your new home, contact a member of our team to take a tour.