NORTHAMPTON, Mass. (WWLP) – Taxpayers are anticipating a lot of changes from the new law signed by President Trump last month.Under the new bill, the tax credit will double for each child when parents file their tax returns next year.The new year will bring many changes in the U.S. Tax Code. The individual Child Tax Credit increases from $1,000 per child to a maximum of $2,000 per child under the age of 17.
A portion of that money being fully refundable for low-income households. Liberty Tax in Amherst told 22News that these new rules will result in bigger tax refunds for families.With these new laws and especially with the child tax credit it directly gives people money in their pockets and a reduction of their tax and they’re going to have much larger refunds next year, so a family of four should be very excited about it.A typical family of four at the median income level will save more than $2,000 a year on their taxes as a result of the new law. Ralph Guisti told 22News the new rules likely won’t hurt a married couple with no children.“If they have itemization where they claim there house and all that they might be in for a change that might not be the benefit families with children would see, but I don’t see how they would be worse off,” Guisti said.If you’re getting ready to file your taxes, remember that these changes will not affect your 2017 tax return.