Category Archives: Tax Credits

Take Advantage of the New Child Tax Credit

Under pre-TCJA law, the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every $1,000 (or part of $1,000) by which their Adjusted Gross Income (AGI) exceeded $110,000. (The … Continue reading

Posted in Child Tax Credit, Credit for Other Dependents, Personal Taxes, Tax Credits, Tax Law Changes, Taxes | Tagged , , , , , ,

IRS Clarifies Who is a Qualifying Relative for Family Credit Purposes

Under the TCJA, effective for tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, you can’t claim a dependency exemption for dependents, including qualifying relatives, but you may be eligible for a $2,000 credit for each qualifying … Continue reading

Posted in Child Tax Credit, Family Credit, Personal Taxes, Tax Credits, Tax Law Changes, Tax Tips, Taxes | Tagged , , , , , ,

Here’s How the New Tax Law Revised Family Tax Credits

The following article was published by the IRS. More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation … Continue reading

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Tax Cuts and Jobs Act (TCJA)

The TCJA was signed into law at the end of 2017. The IRS has been working throughout 2018 on this major piece of tax legislation, issuing proposed regulations, notices, memos, FAQs and more to help businesses make sense of all … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Small Business Association (SBA), Tax Credits, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes, Year End | Tagged , , , , , , , ,

Small Business Owners, Self-Employed Should Plan Now for New Changes

The following article was published by the IRS. Before the end of the year, small business owners should become familiar with how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, … Continue reading

Posted in Corporate Taxes, IRS, Planning Strategies, Self-Employed, Tax Credits, Tax Deductions, Tax Law Changes, Tax Tips, Taxes, Year End | Tagged , , , , , ,

Ways to reduce your tax burden before year-end

The new tax law has added some wrinkles to how many Americans deal with their tax returns. In the past, it was common to try to maximize deductions during the year and then itemize on your return. However, with the … Continue reading

Posted in FSA, Health Care, HSA, IRA, IRS, Personal Finance, Planning Strategies, Tax Credits, Tax Law Changes, Tax Tips | Tagged , , , , , , , , , , , , , , , , , , ,

Taxpayers who Support Dependents Should Check Their Withholding Now

The following article was published by the IRS. Taxpayers who support older dependents should head over to the Withholding Calculator on IRS.gov and do a “paycheck checkup” ASAP. They can use the calculator to make sure they are having their … Continue reading

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