TAMPA, Fla. — If you have children, the early child tax credit this year was likely boosting your family’s monthly budget between $300 to $700 or more if you have multiple kids.

But getting that money early means you'll have less to claim as a deduction when you file taxes in early 2022 and that could mean anything from getting less money back than you normally would, to owing more back to the IRS.

"Definitely being aware of it now could help them plan for it and not be caught off-guard," said Steve Ribble with Guardian Accounting Group in Tampa.

Ribble is waving the red flag for those parents that took the early child tax credit in 2021.

The IRS increased the child tax credit for 2021 by $1,000 which was good news for struggling families.

It also included a $600 bonus credit for parents with children less than 6 years old.

But the government paid half the child tax credit early, meaning when you file taxes, your child tax credit will only be a $1500 deduction as the other half was already paid out to you.

In 2020, the child tax credit was $2,000 when you filed.

Less of a deduction compared to the previous year means you'll potentially owe $500 back per child, or more if your children are under 6 years old.

"We are all human so when we get that extra money per month, we spend it, which is understandable especially with costs going up," Ribble said. So if you are in that situation where you may have to repay this, knowing that ahead of time, as I said, help you avoid that sticker shock and prepare for it."

There is some talk the government may extend the early child tax credit into tax year 2022, however, the amount per month families see back would be much less than in 2021.

That's because the credit would be spread out over 12 months, instead of six months like we saw this year.