ASHLAND, Ky. — Jonathan Lett gave Ashland Rotarians an overview of the Tax Cuts and Jobs Act of 2017 at their Monday meeting.
Lett, a certified public accountant at Griffith, DeLaney, Hillman and Company, touched on the bigger changes that will affect 2018 income tax returns including the child tax credit and itemized deductions.
“If you have children under 17 you’re a winner because the child tax credit was doubled,” said Lett, adding that the child tax credit has gone from $1,000 per child to $2,000.
This credit begins to phase out for married filers with incomes of more than $400,000.
In terms of itemized deductions, Lett said a lot of people that have itemized in the past may not be able to going forward. For tax years 2018-2025 miscellaneous itemized deductions, including unreimbursed employee business expenses, are not deductible.