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Federal Tax Tips - March Releases

03/05/2019

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3/4/19

Child credit amounts have increased, to help offset the cost of raising kids in qualified families. Thanks to the Tax Cuts and Jobs Act, the credit increased from $1,000 to $2,000 for tax years beginning in 2018. To qualify, the child must be younger than 17 at the end of the year; the taxpayer must claim the child as a dependent, and the child must live with the taxpayer for at least 6 months of the year. Also, the income threshold at which the credit begins to phase out has increased, so more families now qualify. For more details read, "Here’s how tax reform affects taxpayers who claim the child tax credit."

3/1/19

Do you want more information about the changes brought by tax reform? Major tax law changes have affected every taxpayer. That’s why the IRS has developed an online publication and other resources to help you understand how the changes affect you. Key changes to be aware of include lower tax rates; a much higher standard deduction; a list of deductions that are limited or discontinued; an expanded child credit; elimination of the personal exemption; and more. See the IRS's Time Tax Guide or contact us for help.

LBMC tax tips are provided as an informational and educational service for clients and friends of the firm. The communication is high-level and should not be considered as legal or tax advice to take any specific action. Individuals should consult with their personal tax or legal advisors before making any tax or legal-related decisions. In addition, the information and data presented are based on sources believed to be reliable, but we do not guarantee their accuracy or completeness. The information is current as of the date indicated and is subject to change without notice.