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MoneyTips

Top 7 Tax Deductions And Credits That People Forget

By Trae Bodge

2. Child Care Credit – If you meet income criteria, the Child Tax Credit allows you to take a deduction of $1,000 per qualifying child under the age of 17 – and that will rise to $2,000 in tax year 2018 thanks to the Tax Cuts and Jobs Act (TCJA). “That’s credits for each child that you have that’s under the age of 17,” advises Betterment Head of Tax Eric Bronnenkant. “So, let’s say you have three children under age 17 and you’re below the income threshold. Generally, you’re going to get a tax credit of $6,000.”

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This article originally published April 9th, 2018 on MoneyTips.