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How you'll benefit from the new tax deal
Source:
money.cnn.com
- Dec 17, 2015
Parents, low-income families, students, teachers and mass commuters are among those who will benefit from a big tax deal that will be voted on by Congress in the next few days.
While nothing is final until it's final, the expectation is that the bill will pass.
Tax breaks made permanent
Bigger refund when you have kids: The child tax credit is intended to help offset the cost of raising kids. And it's refundable, meaning that parents can still claim the credit even if they don't end up owing federal income taxes.
The amount that may be refunded is equal to 15% of earned income above $3,000. But that $3,000 threshold is set to expire in 2017 and reset to $10,000, which would effectively reduce the refundable amount of the credit available.
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Category: IRS
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