Affluent clients with kids can lower bills with Tax Cuts and Jobs Act: Tax Strategy Scan | Financial Planning

 

This year, millions of American families can enjoy a $2,000-per-child break under age 17 tax break with the expansion of the child tax credit, according to this article from The Wall Street Journal. In addition, the overhaul even raises the full credit income limit. “Many affluent families earning between about $140,000 and $400,000 who didn’t get a tax break for their children in the past, will now qualify for one,” according to one CPA. Here, the expert provides an example of how a family (two parents and three children below age 17) on the 28% tax bracket with $210,000 of taxable income got a savings of $3,400 in tax for 2017 but would receive a $6,000 savings for 2018.

Affluent clients with kids can lower bills with Tax Cuts and Jobs Act: Tax Strategy Scan | Financial Planning

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