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Should you Opt Out of the Monthly Advance Child Tax Credit Payments?

With the monthly Advance Child Tax Credit Payments starting to be sent out in mid-July, we’ve received several inquiries from clients as to whether or not they should opt out of these payments (to avoid potentially having to pay it back when they file their 2021 returns). As such, I thought it would be helpful to provide an overview of how it works, how to calculate your 2021 amount, and how to decide if you should opt out of the monthly advanced payments.   By Laurence Schiffman, CFP® September 11, 2021   Estimated Read Time:  12-14 minutes If you don’t care about the details, scroll to the...

Sept. 11th Never Forget

Where I was on 9/11 I had just finished my freshman year at Temple University and, after almost failing out, decided I wasn’t ready for college yet and needed to take some time off. I moved back in with my parents in Jersey and ended up landing a job at a bedroom furniture store. Even though I wasn’t good at sales, I learned the products quickly and people seemed to like and trust me enough to buy from me. I had already made a few thousand dollars in that short time and since I didn’t really have any expenses (thank you...