Category Archives: Tax Credits

Take Advantage of the New Child Tax Credit

Posted on December 20, 2018 by cozbycpa

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 Cozby & Company, new child tax credit, new tax credit for other dependents, phase-out thresholds for child tax credit, tax accountant in Plymouth MA, Tax Cuts & Jobs Act, TCJA | Comments Off

IRS Clarifies Who is a Qualifying Relative for Family Credit Purposes

Posted on December 19, 2018 by cozbycpa

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 Cozby & Company, new family credit, no dependency tax exemption for dependents, Tax Cuts and Jobs Act, tax tips in Plymouth MA, TCJA, who is a qualifying relative for family tax credit purposes | Comments Off

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

Posted on December 12, 2018 by cozbycpa

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 →

Posted in Child Tax Credit, Credit for Other Dependents, IRS, Personal Taxes, Planning Strategies, Tax Credits, Tax Law Changes, Tax Relief, Tax Tips, Taxes | Tagged Cozby & Company, Interactive Tax Assistant, newly-revised Child Tax Credit, tax accountants in Plymouth MA, tax credit for other dependents, Tax Cuts and Jobs Act, tax reform, TCJA | Comments Off

Tax Cuts and Jobs Act (TCJA)

Posted on December 11, 2018 by cozbycpa

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 100% first-year depreciation deduction, carryback of net operating losses (NOLs), Cozby & Company, Domestic Production Activity Deduction (DPAD), IRS business tax reform page, Plymouth MA tax accountant, Tax Cuts and Jobs Act, tax-deductible entertainment expenses, TCJA | Comments Off

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

Posted on December 5, 2018 by cozbycpa

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 →