Remember Dependent Exemptions? They’re Gone!

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
Remember Dependent Exemptions? They're Gone!

Dr. Friday
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to This is a one minute moment.

Some of our popular deductions and credits did change last year. Remember dependent exemptions? Gone. That was the $4,050 for each person that was a qualified child in your household. Instead, children under the age of 17 now qualify for a child tax credit, which is $2,000, not $1000. Again, that went up. And many people are going to be able to use more of that because they are phasing out at a higher income bracket. So make sure you’re looking at all your tax deductions.

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