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Monthly Archives: May 2021

Child Tax Credits

By May 5, 2021 Posted in Articles

Understanding Dependency Exemptions and the Child Tax Credit        Under the changes to the Tax Cuts and Jobs Act (TCJA) that took place in 2018, the child tax credit was expanded, but the dependency exemption was completely eliminated. This resulted in parents not being entitled to claim the exemption from 2018 to 2025. For years, parents had been entitled to this exemption for children which they provide support. The exemption reduced individual taxable […]

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