Category Archives: Child Tax Credit

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

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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

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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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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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New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15

The following article was published by the IRS. A new federal law moves up the W-2 filing deadline for employers and small businesses to Jan. 31. The new law makes it easier for the IRS to find and stop refund … Continue reading

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Falsely Padding Deductions on Returns is on the IRS Annual “Dirty Dozen” List of Tax Scams to Avoid

The following article was published by the IRS. The Internal Revenue Service has warned taxpayers to avoid the temptation of falsely inflating deductions or expenses on their returns to under pay what they owe and possibly receive larger refunds. The … Continue reading

Posted in Accounting, Child Tax Credit, Personal Taxes, Tax Credits | Tagged , , , ,

Summer Day Camp Expenses

If you sent your kids to camp this summer, the expense may help you qualify for the child and dependent care tax credit on next year’s tax return. Only day camps qualify, however; overnight camps do not. If you pay … Continue reading

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