2018 Child Tax Credit and 2018 Medical Deductions

2018 Child Tax Credit and 2018 Medical Deductions

2018 Child Tax Credit  Now you may have heard that the 2018 Child Tax Credit looks different today as a result of 2018 tax reform, and you’d be correct. In our current tax code, if parents make less than $110,000 jointly and $75,000 individually, they receive a $1,000 Child Tax Credit for qualified children under the age of 17. The 2018 tax reform bill increase that to $2,000 per child younger than 17. As well as raise the phase-out threshold to $400,00, and capo the refundable portion at $1,400. The increase in the 2018 child tax credit comes at a cost. Starting in 2018, the tax overhaul repeals personal exemptions, which are valued at $4,050 per taxpayer. See where you will be in the 2018 Tax Bracket. read...

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