- January 23, 2018
- Posted by: admin
- Category: News
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The Tax Cuts and Jobs Act, in addition to generally reducing individual tax rates, eliminates personal exemptions, increases the standard deductions and expands the child credit. For some taxpayers, a higher standard deduction may compensate for lost exemptions and even provide additional tax savings. But for those with many dependents or who itemize deductions, these changes might result in a higher tax bill, depending in part on how much they can benefit from child credit enhancements. These changes are just the tip of the iceberg. Contact us to learn more.