Tax Cuts and Jobs Act of 2017: Expanded Child Tax Credit

The recent Tax Cuts and Jobs Act brought with it many changes to federal tax law. In this series of blog posts, we explore what’s new in taxes.

            The child tax credit has been doubled from $1,000 to $2,000 for children under age 17. The refundable amount has also been increased up to $1,400. Finally, “phase-out” thresholds for the child tax credit have been increased to $200,000 of taxable income for individuals and $400,000 for joint returns.

            Attorney Fred Jacobs of Bach, Jacobs & Byrne, P.A. is a Florida Board Certified Tax Law attorney who can advise you throughout the tax planning process. Call (941) 906-1231 to set up a consultation to review your situation.