The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” made several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal tax liability. Read more.
If you would like more details about these provisions or any other aspect of the new law, please do not hesitate to contact your Keiter Stephens engagement partner.
Tags: personal tax, tax relief act 2010