When Form 2350 Credits 2023-2024

Music. Hi everyone! Should you complete the CPU with it attacks and accounting? This is another weekly attack step. We're talking about the new child tax credit. It has been doubled from $1,000 to $2,000 effective January 1st, 2018 until 2025. We love tax credits because they lower your tax liability dollar by dollar. It's not a deduction that lowers the income subject to tax. No, a tax credit lowers your liability. Even the child tax credit has a portion of it, up to $1,400, that is essentially refundable to you. So even if you don't owe any taxes, you could be getting some money back. Now, before you go crazy and start spending your money thinking that you will receive a huge tax refund at the end of the year, I'm going to give you a couple of warnings. So, the new law actually eliminated the concept of personal exemption. You used to be able to get a deduction for your dependents, but now that's gone. And if you are in the middle tax bracket, sometimes it could be a washout. They remove the deduction and give you a credit. It could be a washout, not a huge benefit. But for most people, they're going to see a great benefit. I'm going to show you the thresholds and the phase-out for this deduction. Okay, let's compare 2017 to 2018. Now, if you are single and you used to make less than $70,000, you used to be able to get the full child tax credit, no problem. But right now, you can make up to $200,000 and still get that child tax credit. They widened the modified adjusted gross income to include more people for them to take advantage of the spreadeth. If you are married filing jointly, you used to be able...