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Tax Cuts and Jobs Act (TCJA) impacts small entities and pass-through entities. Pick one of the...

Tax Cuts and Jobs Act (TCJA) impacts small entities and pass-through entities. Pick one of the tax changes highlighted in this webinar and explain to a client how it differs from pre-TCJA law. Is the new provision more favorable or less favorable to the taxpayer?

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Answer #1

The child tax credit was expanded to increase the number of taxpayers that will qualify. Under previous law, the child tax credit was $1,000 per dependent under the age of 17; however, it was phased out if your income was over $75,000 as a single taxpayer or $110,000 for a married couple. Going forward, the phase-out is increased considerably; It is $200,000 for single taxpayers and $400,000 for married taxpayers filing a joint return. The change is more favorable for the taxpayer

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