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.
Child Tax Credit when your child reaches 16. Child Tax Credit usually stops on 31 August after your child turns 16 but can continue for children under 20 in approved education, training or registered with a careers service. What you need to do. Tell the Tax Credit Office as soon as possible to make sure you get paid the right amount of tax credit.