Make sure you’re taking advantage of the child and dependent tax credits and maximizing your tax savings.
Watch the video as Amber Larsen explores the different dependent and child tax credits.
Some points to listen for:
- Your workplace may offer Dependent Care Plans–you can deduct $5,000 for Married Filing Jointly or $2,500 for Single or Filing Separately
- The Child Tax Credit is now $2,000 per child younger than 17 (up from $1,000)
- The Child Tax Credit doesn’t phase out until $400,000 for Married Filing Jointly and $200,000 for Single or Filing Separately (Up from $110,000 for married filing jointly and $55,000 for single or separate)
- Other Tax Credits available for dependents 17 and over and under 19
How DHJJ Can Help
If you’d like to talk to a DHJJ CPA about how dependents and children affect your tax return, call us at 630-420-1360 or fill out the form below.