Family tax cut/ what it means to your tax return?

The Family Tax Cut would allow a spouse to, in effect, transfer up to $50,000 of taxable income to a spouse in a lower income tax bracket, providing tax relief up to a maximum of $2,000. Tax relief is calculated on the basis of a difference in federal tax before and after the effective transfer of income.

The Family Tax Cut would take effect starting in the 2014 tax year. Couples would be able to claim the credit when they file their 2014 tax returns. To benefit from the credit, each spouse must file a tax return. Either spouse may claim the credit.
Enhancing the Universal Child Care Benefit
Starting in 2015, parents can receive up to $1,920 per year for each child under the age of 6 and $720 per year for children aged 6 through 17.
Increasing the Child Care Expense Deduction
Starting in 2015, parents can claim $1,000 more each year for the Child Care Expense Deduction.
Doubling the Children's Fitness Tax Credit
Parents can claim up to $1,000 per child to help pay for their activities.
For more information visit: www.ecotax4u.com

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