New Tax Law Highlights 

Earned Income (EIC) Increased

The maximum credit per number of qualifying children is $529 (no children), $3,526 (one child), $5,828 (two children), $6,557 (three or more children) and is subject to reductions as income increases.

Child Tax Credit (CTC) Unchanged

The CTC remained at $2,000 per qualifying child under the age of 17.   The credit can be refundable, up to $1,400, which means even if you have no tax liability, you can get a tax refund based on the CTC.  Also, there is a non-refundable credit of $500 for each non-child dependent. 

 

The CTC phases out with modified adjusted gross income above $200,000 ($400,000 for married filing jointly).

 

The standard deduction increased slightly in 2019.  If age 65 or older, the standard deduction is higher.  The table is provided below:

 

 

 

 

What to Bring for Your Tax

Preparation

Individuals:

  • Wage and Tax Statement (Form W2)
  • Interest and Dividend Statements
  • Miscellaneous Income Form 1099’s      (retirement and contractor income)
  • Social Security Statements
  • Form 1095 A – Healthcare Statement
  • Dependent information
  • Education form (1098-T)

Businesses:

  • Profit and loss statements
  •  Balance sheet
  •  Partnership statements
  • Organized receipts by category
  • Revenue for the year
  •  Expenses for the year

 

We can help organize these records for you if you prefer.