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...
Charitable Contributions Deduction Changed

Charitable Contributions Deduction Changed

The itemized deduction for charitable contributions is allowed based on a percentage of the taxpayer’s AGI, adjusted for Net Operating Losses, referred to as the “contribution base.” The Tax Cuts and Jobs Act changes this percentage. Prior Law...
Medical Expense Deduction Threshold Changed

Medical Expense Deduction Threshold Changed

The Tax Cuts and Jobs Act changes the threshold for the amount of medical expenses allowed as an itemized deduction based on a percentage of AGI. Prior Law Through December 31, 2017 Generally, the threshold to claim medical expenses as an itemized deduction was 10% of...

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