Fordham & Co Certified Public Accountants

05/26/2025

This Memorial Day, we honor the brave men and women who have given their lives for our country. Thank you for your service. We will be closed in observance of the holiday and will reopen on Tuesday 🇺🇸

04/23/2025

It's April 23, have you thanked your admin staff today? to our own admin team, we could not do what we do without YOU!!! Thank you for all you do

03/11/2025

- Child, Dependent and Adoption Credits

Under the TCJA, these two tax credits for families are available
through 2025:

💥CTC. For each child under age 17 at the end of the tax year, you
may be able to claim a $2,000 Child Credit. The CTC phases
out for higher-income taxpayers (see Chart 2), but the income
ranges are much higher than before the TCJA.

💥COD. For each qualifying dependent other than a qualifying child (such as a dependent child over the age limit or a dependent
elderly parent), you may be able to claim a $500 Credit for Other
Dependents. But the COD is also subject to the income-based
phaseout.

💥Enhancements to the CTC have been proposed. Check with your tax advisor for the latest information. If you adopt in 2024, you may qualify for the adoption credit — or for an employer adoption assistance program income exclusion. Both are $16,810 for 2024, but the credit is also subject to an income-based phaseout. (See Chart 2.)

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