Tax Cuts and Jobs Act (TCJA)

Law

The 2017 tax law that lowered individual and corporate income tax rates, nearly doubled the standard deduction and expanded the Child Tax Credit. Many of its individual provisions were originally set to expire after 2025.

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Child Tax Credit

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Tax CourtCourtA federal court where taxpayers can challenge IRS decisions about how much tax they owe before paying it.
Tax CreditBudget and TaxAn amount subtracted directly from the tax a person or business owes. A refundable credit is paid out even when it is larger than the tax owed.
Tax Cuts and Jobs Act This Entry
Tax DeductionBudget and TaxAn amount subtracted from income before tax is figured, which lowers the tax owed by the deduction times the taxpayer's tax rate.
Taxpayer Advocate ServiceAgencyAn independent office within the IRS that helps taxpayers resolve problems with the IRS and recommends changes to prevent them.

Tax Cuts and Jobs Act (TCJA)

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