4. Taxes. LLCs in Texas can be treated as corporations, limited liability partnerships or single-member LLCs and are subject to federal income tax classifications. Depending on the type of taxation you opt to have for your LLC, you will have different federal tax responsibilities.
The Child Tax Credit is up to $1,000 for each qualifying child who was under the age of 17 at the end of 2011. This credit can be claimed in addition to the credit for child and dependent care expenses. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000.
Credit For Children. A taxpayer who is allowed a federal child tax credit under section 24 of the Code is allowed a tax credit for each dependent child for whom they were allowed a federal credit unless the taxpayerâs AGI exceeds the applicable threshold.