The "Child Tax Credit" applies to qualifying children claimed on the return and is now $2,000 per child, up from $1,000 per child. The refundable portion is up to $1,400 per child. This means that if you don't have any tax liability you may still receive up to $1400 / child.
Credits are much, much better than deductions because while deductions only reduce the taxable income, credits actually reduce the tax. For example, if you are in the 12% marginal tax bracket a credit is worth more than 8 times what a deduction is worth. It's like cash in your pocket.
We are on top of this new tax law here at LCI Taxes and are ready to help you and your family prepare for these changes as well as any others that may be forthcoming. Give us a call at 386-586-3976 with questions or to schedule your appointment!
Chris Kocher CPA