The IRS released a newswire announcement yesterday urging taxpayers who support dependents that can’t be claimed for the Child Tax Credit to check their paycheck withholding amount. The TCJA added a new tax credit – Credit for Other Dependent – which is a non-refundable credit of up to $500 per qualifying person. This change, along with others, can affect a family’s tax situation in 2018. Checking and adjusting withholding now can prevent an unexpected tax bill and even penalties next year at tax time.

Read the full newswire announcement here:

https://www.sharrardmcgee.com/blog.php

If you have any questions about how the TCJA affects your individual or business tax planning, call your CPA at Sharrard, McGee & Co., PA at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro.