Before the mid year point hits for 2019, taxpayers need to take a look at their paychecks to review their current income tax situations. Many Americans were presented with a less than favorable income tax refund, or even owed more than they may have paid in the past. Most of this was due to new tax laws that went into effect for the 2018 tax year and also adjustments to W2 employees withholding.
If you do nothing about your income tax situation now, you will most likely have the same outcome for the 2019 income tax season. Now is the time to review and fix your income tax situation. When you meet with your income tax pro next year, its already to late!
Barnum Tax can review your last year’s income tax return, review your current State and Federal Income Tax Withholding, and recommend adjustments to ensure a better outcome for this coming 2019 income tax season! We will also look to see if you missed any income tax credits or left any other money on the table by reviewing you prior year tax returns.
We are located in Stratford, CT, servicing the greater Bridgeport area, but with the use of technology, you can upload your documents to our secure services allowing us to help taxpayers throughout the United States!
For a year review, contact Barnum Tax at 203-900-4413 or email@example.com .
For the 2018 Income Tax Year, the child tax credit has changed significantly. Below is a quick outline of some of the changes for the 2018 income tax season.
Child Tax Credit Amount –
The Child Tax Credit Amount has increased from $1000 in 2017 to $2000 for the 2018 income tax yea. Requirements for receiving the Child Tax Credits have not changed.
Child Tax Credit Limits-
For 2018, the Earned Income Credit Threshold is $2500. This means you must earn atleast $2500 in the 2018 Tax Year for claim the Earned Income Credit aka EIC.
Child Tax Credit Income Phase Out –
The Income Phase Out for Earned Income Credit for 2018 is now $200,000 for single filers adjusted gross income (AGI), and $400,000 for married filling jointly adjusted gross income (AGI). This has increased in 2018 from he 2017 tax year.
If you have additional questions regarding Earned Income Credit, Child Tax Credit, or any other Income Tax related questions, Contact Barnum Tax at 1-877-482-9826.
Here are a few updates for the 2019 Income Tax Year
For 2019 the Child Income Tax Credit will remain at $2000 per child and has not changed from 2018.
In 2019, the Additional Child Tax Credit Earnings Threshold is also still $2500.
Child Tax Credit Phase Out for 2019 also remains the same at for single filers and head of household filers with an adjusted gross income (AGI) of $200,000, and $400,000 for married filling jointly adjusted gross income (AGI).