News / Article

How to make the most of the child tax credit this year

Source: https://neworleanscitybusiness.com/blog/2018/11/28/how-to-make-the-most-of-the-child-tax-credit-this-year/ - Dec 3, 2018

The wallet-emptying experience of raising kids understandably fuels a lot of interest in the child tax credit, but thanks to some big changes recently, the fascination could reach Tickle Me Elmo-like proportions. Here are a few things tax pros say you should know about this credit and how you can take maximum advantage of it on your tax return.

DOUBLE DOWN

One of the most notable changes to the child tax credit in 2018 is that it doubled from $1,000 per kid to $2,000 per kid. Even though the end of the personal exemption in 2018 may eat away at some of those tax savings, many parents will most likely see a benefit, says Chad Harrison, a certified public accountant in Mason City, Iowa.

CLICK SOURCE TO READ ARTICLE

Category: General Business