Kiddie Tax Modified

Kiddie Tax Modified

The Tax Cuts and Jobs Act has changed how kiddie tax is calculated. Prior Law Through December 31, 2017 Under pre-Act law, the amount of tax owed by the child under the kiddie tax provisions was based on the parents’ tax rates if the parents’ tax rates...
Child Tax Credit Increased

Child Tax Credit Increased

The Tax Cuts and Jobs Act has increased the child tax credit amount as well as thresholds when the credit phases out. Prior Law Through December 31, 2017 Individuals can claim a maximum child tax credit (CTC) of $1,000 for each qualifying child under the age of 17....
Miscellaneous Itemized Deductions No Longer Allowed

Miscellaneous Itemized Deductions No Longer Allowed

The Tax Cuts and Jobs Act is no longer allowing (suspending) the deduction for miscellaneous itemized deductions. Prior Law Through December 31, 2017 Individuals who itemize their deductions can deduct certain miscellaneous itemized deductions to the extent that the...

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