When you have a tax credit it is an amount that could possible reduce your tax liability after your income tax return is completed correctly.
For income tax you can have a nonrefundable credit and a refundable credit.
With the refundable credit any amount that is more than your income tax liability would refunded to you.
With the nonrefundable credit the amount of the tax credit would reduce your tax liability to -0- ZERO and it could be possible that you carryover the remaining amount of nonrefundable credit to a future year.
Tax refunds return cash to small businesses after the latter has filed its taxes, while a tax credit grants business consent to avoid paying a tax. Tax refunds and tax credits are conditional, indicating only businesses that meet certain requirements (and most likely apply) can benefit from them.
The child tax credit is a non-refundable credit that reduces the amount of taxes owed, while the additional child tax credit is a refundable credit that can result in a refund if the credit amount is more than the taxes owed.
Child tax credit
A tax credit reduces your tax liability more than a deduction.
There are deductions available for children on your tax return, such as the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax Credit. These deductions can help reduce the amount of tax you owe.
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A refundable tax credit is a tax benefit that allows taxpayers to receive a refund if the credit exceeds their tax liability. This means that even if a taxpayer owes no taxes, they can still receive the full amount of the credit as a cash refund. Refundable tax credits are designed to reduce poverty and incentivize certain behaviors, such as education or working. Examples include the Earned Income Tax Credit (EITC) and the Child Tax Credit.
I think you mean the "additional" child tax credit (not "allowed"). Anyway, this page explains both the Child Tax Credit and the Additional Child Tax Credit: http://www.irs.gov/newsroom/article/0,,id=106182,00.html
a credit agency garnished my income tax,is the the child tax credit exempt from the garnishment?
You need to contact your tax office.
Tax refunds return cash to small businesses after the latter has filed its taxes, while a tax credit grants business consent to avoid paying a tax. Tax refunds and tax credits are conditional, indicating only businesses that meet certain requirements (and most likely apply) can benefit from them.
The child tax credit is a non-refundable credit that reduces the amount of taxes owed, while the additional child tax credit is a refundable credit that can result in a refund if the credit amount is more than the taxes owed.
Child tax credit
First time homebuyer tax credit and recovery rebate credit were not available in or for the year 2006.
A tax credit reduces your tax liability more than a deduction.
Florida does not have a a child car tax credit for single mothers. There is also not a tax credit at the federal level.
There are deductions available for children on your tax return, such as the Child Tax Credit, the Child and Dependent Care Credit, and the Earned Income Tax Credit. These deductions can help reduce the amount of tax you owe.