Many Massachusetts parents claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit.
When settling a divorce case the issue of which parent is going to claim the dependent child exemption on his/her tax return should be settled. Experience has demonstrated that failure to settle this at the time of the divorce will often lead to future disputes between the parties and between a parent and the revenue authorities.