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
- 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.