(ST. JOSEPH, Mo.) Parents might be in store for a pleasant surprise this tax season.
Under the Tax Cuts and Jobs Act put into place by the Trump administration, child tax credits will be doubled, increasing what taxpayers can expect in their refunds.
Parents will children, under the age of 17, will see their tax credit increase from $1,000 per child per year to $2,000 per child per year.
Certified Public Accountant David Liechti said the change also raises the cap for joint tax returns.
The change will also increasing the accepted income limits for people to receive the tax credit. The income cap for married individuals filing a joint income tax return has increased from $110,000 ($55,000 for married filing separately) to $400,000 annually.
The tax law also allows parents and caregivers to receive an additional $500 tax credit for adult dependents who qualify.
“A lot of people who make more the $110,000 joint return are going to qualify where in the past they weren’t qualifying," Liechti said. "There are some things in the federal tax that are very positive, I think some people will be pleasantly surprised.”
Liechti said he is unsure how the government shutdown would impact tax returns if the shutdown spans into filing season.
The deadline to file your income taxes is slated for April 15.
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