Happy Father’s Day!
With Father’s Day this Sunday, we are thinking of fathers and celebrate that they are in our lives.
We celebrate the thought and care the fathers have for their families.
There is good news for fathers and families in the Tax Cuts and Jobs Act (TCJA). The Child Tax Credit has been increased and broadened.
Higher Credit Amount – The credit has doubled, from $1,000 to $2,000, per child.
Other Dependents Covered – Dependents eligible for a partial credit include qualifying relatives. There are tests to meet for a dependent to be a qualifying relative, but it is good news that this has been added to the credit.
Higher Phaseout Ranges – Under the TCJA, the phaseout begins at $400,000 for married filing joint filers, and $200,000 for all others.
At Stapley Accounting, our focus is you and your business. We can help with your taxes and QuickBooks. We are Stapley Accounting…Your QuickBooks, and Tax Professionals.