Tax Credits Available Without the Personal Exemption
The Tax Cuts and Jobs Act that took effect on 2018 tax returns, allowed certain tax credits to continue, but only for those who had qualified dependents. Prior to the new tax law, taxpayers had been claiming dependents as personal exemptions and got a $4,050 deduction on their 2017 return for each one.
So, a married couple with two children could deduct a total of $16,200 from their gross income – a pretty good deal. There were limitations, however, View full post…
