LAT Financial Group

Under H.R. 1, the Child Tax Credit maximum jumps from $2,000 to $2,200.

& the credit is indexed for inflation.

However—the refundable portion is $1700. Make sure you and your team knows the difference between the refundable portion (ACTC) and the non-refundable portion (CTC).

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Another 🚨 H.R.1 update:

Personal exemptions are gone permanently.❌

In their place a temporary $6,000 Senior Deduction beginning in 2025🎉

This is a major shift for older taxpayers.

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💡 Refundable vs Nonrefundable Credits:

➡️Refundable: Pays out even with no tax liability. REFUND
➡️Nonrefundable: Stops once the tax bill hits zero. NO REFUND on overage

This knowledge helps maximize every client’s return.

📘 Get clarity inside our AFSP 18-hour Personal Income Tax bundle at taxiqacademy.com