Tag: tax reform

Families have come accustomed to rely on different credits based on qualifying children to increase their annual tax refunds. The credits were created for that same reason, to help economically growing families. The good news first: the Child Tax Credit (CTC) doubled to $2,000. The refundable amount, also known as the Additional Child Tax Credit (ACTC), increased to $1,400. If a taxpayer does not have a tax liability before the…  Read more

The Tax Cuts and Jobs Act (TCJA) of 2017 brought a lot of changes to the tax law. The tax reform went into effect in 2018. The first tax returns affected by the reform  will be filed by April 17, 2019.  There are some major changes you should be aware before you file your personal income taxes. 1- New Form 1040: Forms 1040A and 1040EZ have been eliminated. In an…  Read more