Brought to you by:
Jeffrey N. Schweitzer, EPA, CEP, ATP
Northeast Financial Strategies Inc
667 South Street
Wrentham, MA 02093

Facebook LinkedInTwitterBlog

Bookmark and Share
About Our Firm:
Offering Financial & Estate Planning, Investments, Insurance, Accounting, Payroll, and Income Tax Preparation for Individuals & Small Business. "Financial Strategies That Fit YOUR Needs!"
QUOTES from the Masters...
On Belief On Expectation
"The most important thing about a man is what he believes in the depth of his being.  This is the thing that makes him what he is, the thing that organizes him and feeds him; the thing that keeps him going in the face of untoward circumstances; the thing that gives him resistance and drive." -- Hugh Stevenson Tigner

"He can who thinks he can, and he can't who thinks he can't.  This is an inexorable, indisputable law." -- Henry Ford

"If you think a certain thought long enough and hard enough, it becomes a fixed belief and you will find yourself behaving on the outside in a manner consistent with it." -– Brian Tracy

"Others will underestimate us, for although we judge ourselves by what we feel capable of doing, others judge us only by what we have already done." -– Henry Wadsworth Longfellow

"Our limitations and success will be based, most often, on your own expectations for ourselves.  What the mind dwells upon, the body acts upon." -- Denis Waitley

"If you conduct yourself as though you expect to be successful and happy, you will seldom be disappointed." -- Brian Tracy

"It's not that people want too much, it's that they want too little." -– Mark Victor Hansen

  Estate Ideas
The Child Tax Credit

As is typical of tax legislation over the past decade, a number of Tax Acts offered tax relief to individuals, but did so through a variety of complex provisions that included retroactive, temporary and phased-in/phased-out effective dates.  While some of these provisions may not apply to you, other provisions will and you may want to revise your planning to take full benefit of those provisions.
Today's topic is the child tax credit.  If you would like additional information on this topic, please call my office.

The Child Tax Credit

The amount of the child tax credit was previously increased from $500 to $1,000.  The increase was temporary and the child tax credit was scheduled to return to $500 after December 31, 2010.  The 2010 Tax Relief Act, however, continues the child tax credit at $1,000 through 2012.  In 2013, the child tax credit returns to $500 unless a future Congress takes action.

Child Tax Credit
Calendar Year
Credit Amount per Child Under 17
2011 - 2012
2013 and later

In addition:

  • The child tax credit is not indexed for inflation;
  • The child tax credit phaseout begins at adjusted gross income levels of $110,000 married and $75,000 single;
  • The child tax credit can be claimed against the alternative minimum tax;
  • The credit is refundable to the extent of 15% of the taxpayer's earned income in excess of $3,000 in 2011 and 2012; and
  • A federal income tax return must be filed to receive a child tax credit refund.

Planning Note:

Consider using tax savings from the child tax credit to fund an Education Savings Account or to participate in a State Tuition Program.

MESSAGES from the Masters...
LOOKING UP by Zig Ziglar

Back in the days of sailing ships, a young sailor went to sea for the first time. The ship encountered a heavy storm in the North Atlantic. The young sailor was commanded to go aloft and trim the sails. As he started to climb, he made a mistake and looked down. He started to lose his balance. At that moment, an older sailor underneath him shouted, "Look up, son, look up!" The young sailor looked up and regained his balance.

When things seem bad, look to see if you're not facing the wrong direction. When you're looking at the sun, you see no shadows. When the outlook isn't good, try the uplook -- it's always good!


We don't want to add to your e-mail clutter!  If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.  Thanks!

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals.  The information provided is general in nature and should not be considered complete information on any product or concept described.  For more complete information, please contact my office at the phone number above. 

Published by The Virtual Assistant; 2011 VSA, LP