Tag: CTC

Posts Tagged ‘CTC’

Prepare for the 2019 Tax Season!

Posted by Manisha Hansraj on November 5, 2018
Last modified: November 5, 2018

tax cuts and jobs act

2018 is coming to an end.

It seems like the year went by so quickly. Now, are you ready for the new tax season? The 2019 tax season brings in a variety of changes that will ultimately affect how you file and Form 1040.

Read below to find out steps you need to take for your 2018 tax return.

Check your withholding

Due to the Tax Cuts and Jobs Act (TCJA), taxpayers may receive a lesser refund or a tax bill because of their decreased withholding. We advise that you should definitely check your withholding if you have a two-income family, work multiple jobs or part of the year, have children to claim the Child Tax Credit or older dependents, you itemize your deductions on prior year returns, receive high tax refunds or tax bills for the prior year or high-income taxpayers in general. Be advised that if you don’t have enough income tax withheld from your employer, you can be subject

If you did not fill out an updated W-4 for 2018, click here to find out if you should adjust your withholding with the IRS Withholding Calculator.

The standard deduction increases

The TCJA doubles all filing status’ standard deduction. Below you will find out how next year will be different. (more…)

11 Tax Tips For Your Back-to-School Use!

Posted by Manisha Hansraj on August 21, 2018
Last modified: August 24, 2018

tax free week 2018

Education is expensive, so here’s some helpful tips!

Get your tax break from claiming your kids.

  1. Don’t forget to claim up to $1,000 for the Child Tax Credit.
    (Your child must be under 17, live more than half the year with you, a dependent on your tax return, be directly related to you, a U.S. citizen, national or resident alien)
  2. Claim the child and dependent care credit for child care expenses for your child under 13.
  3. You can claim the Earned Income Credit (EIC) depending on your income.
  4. The Adoption Tax Credit reduces your tax for expenses such as Court, attorney fees, travel and meal expenses. (You can also claim the Special Needs Credits for all relating expenses)
  5. Claim the Education Credit for education expenses if you’re paying for your child’s college education.

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The Child Tax Credit & Additional Child Tax Credit Changes for 2018!

Posted by Manisha Hansraj on July 23, 2018
Last modified: July 23, 2018

child tax credit 2018

Let your kids treat you by giving you the tax break you deserve.

Typically, for the prior tax years, (including the tax year 2017) you can receive up to $1,000 per qualifying child for the Child Tax Credit (CTC). You may even get the Additional Child Tax Credit (ACTC) which is a refundable credit that you may receive if your CTC exceeds the total amount of income taxes you owe. However, you need an income of at least $3,000. It phases out for taxpayers with the AGI of $75,000 or greater and $110,000 for joint filers.

The good news is that the CTC and the ACTC increases for the next tax year.

Read on to find out the changes for 2018.

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How do I Qualify for the Child Tax Credit?

Posted by Divya Hansraj on June 16, 2017
Last modified: June 6, 2018

Oh, the joys of having children!

Today, it is difficult for parenthood to have its rewards. Children want us to buy them the most expensive toys and clothing and that spending can sometimes feel fruitless. As with struggling to finish a marathon, we strive, hoping there will be a light at the end of the tunnel. Luckily the IRS understands this struggle and gives parents a little something back. The Child Tax Credit and the Additional Child Tax Credit serve as the cushioned shoe inserts that help us finish.

Child Tax Credit (CTC) Facts:

  • You must have a qualifying child.
  • You must have earned greater than $3000 of Income.
  • Each child can receive up to $1000.

 

What is a qualifying child?

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