News & Articles

Good News! More Families May Be Eligible for the Child Credit in 2018

Posted on Mon, Mar 05, 2018

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017, made significant changes to the child credit. This credit is generally available to taxpayers with children under the age of 17, but the new law adds a new (smaller) credit for other dependents. Here are the details.

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Tags: Children, Tax Credits, Tax Cuts and Jobs Act (TCJA)

Dialing in on Smartphones for Kids

Posted on Wed, Dec 13, 2017

Do your kids (or grandkids) have a smartphone? On average, American children receive their first smartphone at the age of 10, according to a recent study by market research firm Influence Central.

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Tags: Technology, Children, Smart Device

Points to Consider Before Making Gifts to Children

Posted on Tue, Dec 27, 2016

In the world of college financial aid, good estate planning strategies often result in less financial aid for your child or grandchild. For instance, a strategy included in many estate plans involves making annual tax-free gifts to children. Annual gifts can be made, up to $14,000 or $28,000 if the gift is split with your spouse, to any number of individuals with no gift-tax consequences (unchanged from 2016). Once the gift is made, the assets are removed from your taxable estate and any income on the gifts is taxable to the recipient.

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Tags: Gifts, Estate, Children, Financial Aid

Ten Tax Breaks Available for Parents

Posted on Wed, Jan 14, 2015

How much money do you need to raise a child? According to an estimate from the U.S. Department of Agriculture, it will cost a middle-income couple roughly $245,000 to raise a child born in 2013 to the age of 18. This is up 1.8 percent from the prior year. Plus, the estimated average cost is much higher in certain parts of the country. For example, high-income families living in the urban Northeast are projected to spend almost $455,000 to raise a child for 18 years.

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Tags: Tax, EHTC Article, Income, Tax Breaks, Articles, Children