Although an incredible number of families currently claim this valuable tax break, the IRS says many more qualify for this refundable tax credit yet neglect to take advantage of it.
The guidelines for (EIC) Earned Income Credit Table were recently increased; therefore, many more families meet the requirements and can claim the earned income credit. Take a couple of minutes to ensure you don’t pass up a credit that might provide you with a bigger refund check.
How Much are the EIC, Earned Income Credit Table Amounts for 2020, 2021?
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The entire tax code was reformed under President Trump’s Tax Cuts and Jobs Act (TCJA). The TCJA has changed many things about the Child Tax Credit. These new rules apply to the new tax season.
How Much do I Get Back for a Child?
Under the TCJA, the Child Tax Credit saw a substantial increase to $2,000 per qualifying child. Up to $1,400 of this amount is refundable, depending on your income. This has doubled the previous amount, and the Child Tax Credit was previously only refundable if you were also claiming the Additional Child Tax Credit.… Read the rest
The Tax Cuts and Jobs Act (TCJA) completely changed the US tax system. The last such change of this magnitude happened more than thirty years ago. Millions of Americans are now left wondering what they’re entitled to and which deductions are still valid.
One of the most widely taken deductions is the deduction for mortgage interest. The TCJA didn’t eliminate it, but major changes were made. Plus, as a result of other changes, many Americans will now be ineligible to use the mortgage interest deduction going forward.… Read the rest