Tax Insights – August 2018 Rita Bhayani Important Tax Dates & Information • Aug. 15, 2018 – Extended exempt organizations returns due • Sept. 17, 2018 – Third-quarter estimated taxes due • Sept. 17, 2018 – Extended partnerships and S corporations returns due • Oct. 15, 2018 – Extended individual tax returns due Tax Notes The Tax Cuts and Jobs Act raised the Child Tax Credit from $1,000 to $2,000. Of this, up to $1,400 can be a refundable credit. The Internal Revenue Service has not fully explained how this will work, but I’ll let you know as soon as they issue guidance. What is a Qualified Education Expense? As you send your children back to school, you may be wondering what expenses qualify for education credits or tax-free distributions from education accounts. Use the chart below as a guide. If you have any questions, give me a call. Together we can plan how to best pay for your child’s education.
Quote Corner Did You Know? |