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re: New tax bill- how will it impact you?
Posted on 12/3/17 at 8:32 am to Rust Cohle
Posted on 12/3/17 at 8:32 am to Rust Cohle
quote:
Under current law family members could deduct $4050 for each member of the household. So $12150 for a family of three. Their standard deduction, and personal deductions come to $24750. Families with one or more child will be taxed more in the new law.
The increase in credits should make up for the lack of exemption for most people. If the credit is increased to $2,000 and you're in the 25% bracket, that extra $1,000 is essentially their $4,000 exemption. If you're in the 15% bracket then the credit is even better for you than the deduction.
1
Posted on 12/3/17 at 8:47 am to SLafourche07
quote:
The increase in credits should make up for the lack of exemption for most people. If the credit is increased to $2,000 and you're in the 25% bracket, that extra $1,000 is essentially their $4,000 exemption. If you're in the 15% bracket then the credit is even better for you than the deduction.
Thank you, I can see that now. I wasn't appreciating the difference of a credit, and a deduction at the moment. I did read that families whos adjusted income is less than zero will not receive the tax credit.
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