New Tax Credits for 2014 and 2015
If you have children, you will like the changes to tax law in 2014. If you don't have children, as Jeff Probst says, "I've got nothing for you."
New Credits for 2014
The children’s fitness tax credit is increasing from $500 per child to $1,000 per child
The child care expense deduction limit will increase by $1,000 to $8,000 per child under age 7, and $5,000 per child aged 7-16.
The Universal Child Care Benefit (UCCB) will increase from $100 per month per child under 6 to $160, and will now include a new benefit of $60 per month for children aged 6-17.
Family Income Splitting
Beginning in 2014, couples with children under 18 are able to transfer up to $50,000 of income to the lower income spouse, with up to $2,000 in federal tax savings.