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Deductions & credits
If you have kids, you might qualify for the Child Tax Credit, which can reduce your tax bill by up to $2,000 per qualifying child. The 2017 Tax Cuts and Jobs Act (aka "tax reform") doubled the per-child credit amount from $1,000 in 2017 and prior tax years.
For additional information and qualifications see: What is the Child Tax Credit?
Also, the American Rescue Plan, which was just passed and is expected to be signed into law, increases the credit to $3,000.
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March 10, 2021
2:17 PM