Hi, I'm Candace
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Historically many people have claimed the child tax credit to help offset the rising cost of raising children (did you know that on average, kids cost approximately $300,000 from birth to age 17?!).
The new tax law that is effective this year has made some changes to this credit. Here are some important things for taxpayers to know about the changes to the credit.
The new law increases the child tax credit from $1,000 to $2,000. As in past years, the credit applies if all of these apply:
The income threshold to claim the credit has been lowered to $2,500 per family. This means a family must earn a minimum of $2,500 to claim the credit.
The income threshold at which the child tax credit begins to phase out is increased to $200,000, or $400,000 if married filing jointly. This means that more families with children younger than 17 qualify for the larger credit.
Candace is the founder of NewWay Accounting and is a CPA who specializes in working with fellow entrepreneurs. She strives to take the fear and anxiety out of taxes and help empower small business owners to feel more confident and in control of their finances. Because even if money isn’t your jam, you deserve to be successful too!
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