New tax laws for families, married couples - WALB.com, South Georgia News, Weather, Sports

New tax laws for families, married couples

January 13, 2004

Tifton- One of the biggest stories in the tax world last year was the new child tax credit and the advance rebates most people got during the end of the summer.

"The child tax credit that was an advance rebate of the thousand dollars, so if you didn't get the $400 in advance then you can get that deduction on the return. If you got the $400, then you can't take the $1000 full deduction on the return," reminds CPA Amy Hightower.

Accountants also say many people confuse the child tax credit with the child dependent care credit.

"If you pay child care you also get a child care credit, which has more guidelines than the child tax credit, but you get both if you pay child care and you have a child under 17," explains CPA Stephanie Fletcher.

New tax laws have also tried to ease penalties for those who are married and file jointly.

"If it's two single people filing separately, and then they were to get married, their deductions are not doubled if you were to add one single person plus another. The married filing jointly rates and deductions are not doubled, and that's where the marriage penalty comes in," says Hightower.

New legislation increases those deductions and possibly the amount of their return. Accountants say there are specific guidelines for each new piece of legislation, and you should check with your tax preparer to see what you are eligible for.

CPA's also say most home computer tax software will calculate taxes correctly, but you should double check with an accountant to be sure what deductions and credit you can receive, especially if you own a business.

Posted at 4:40 PM by elaine.armstrong@walb.com

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Keys to keeping your animals cool during summer weather

    Keys to keeping your animals cool during summer weather

    Monday, June 25 2018 12:18 AM EDT2018-06-25 04:18:12 GMT
    The owner of Busy Elves said it's important to keep your animals in shady areas for the summer. (Source: WALB).The owner of Busy Elves said it's important to keep your animals in shady areas for the summer. (Source: WALB).
    The owner of Busy Elves said it's important to keep your animals in shady areas for the summer. (Source: WALB).The owner of Busy Elves said it's important to keep your animals in shady areas for the summer. (Source: WALB).

    As temperatures hover around the 90's right now, one farmer said it's important to remember your animals.  The Owner of Busy Elves Christmas Tree and Blueberry Farm tells us giving your animals food and drink should be a priority daily. 

    More >>

    As temperatures hover around the 90's right now, one farmer said it's important to remember your animals.  The Owner of Busy Elves Christmas Tree and Blueberry Farm tells us giving your animals food and drink should be a priority daily. 

    More >>
  • New watermelon shed making a big name in GA

    New watermelon shed making a big name in GA

    Monday, June 25 2018 12:01 AM EDT2018-06-25 04:01:30 GMT
    A new watermelon packaging shed now sits in Mitchell County as of June. (Source: WALB)A new watermelon packaging shed now sits in Mitchell County as of June. (Source: WALB)

    A new watermelon packaging shed is bringing dozens of jobs to South Georgia. C & C Growers is in its third week of business.. You see them at your local Wal-Marts, Costcos, Food Lions, and many stores across the country. 

    More >>

    A new watermelon packaging shed is bringing dozens of jobs to South Georgia. C & C Growers is in its third week of business.. You see them at your local Wal-Marts, Costcos, Food Lions, and many stores across the country. 

    More >>
  • Vehicle maintenance should be remembered during hot weather conditions

    Vehicle maintenance should be remembered during hot weather conditions

    Sunday, June 24 2018 11:39 PM EDT2018-06-25 03:39:18 GMT
    Parked cars on the side of the road is a common sight in Southwest Georgia. (Source: WALB).Parked cars on the side of the road is a common sight in Southwest Georgia. (Source: WALB).
    Parked cars on the side of the road is a common sight in Southwest Georgia. (Source: WALB).Parked cars on the side of the road is a common sight in Southwest Georgia. (Source: WALB).

    We're hearing a warning from law enforcement and car experts who said taking care of your car should be a top priority for this summer. They said staying under your hood all summer long checking things like your oil, fluids, and tires, will keep you safely on the roadways instead of broke down alongside a highway. 

    More >>

    We're hearing a warning from law enforcement and car experts who said taking care of your car should be a top priority for this summer. They said staying under your hood all summer long checking things like your oil, fluids, and tires, will keep you safely on the roadways instead of broke down alongside a highway. 

    More >>
Powered by Frankly