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Several tax benefits for new parents to be aware of, designed to ease their financial burden: One of the most significant is the Child Tax Credit (CTC) , which allows parents to reduce their federal income tax for each qualifying child under the age of 17. For the 2025 tax year, the credit can be up to $2,200 per child. This is a refundable  credit, so even if your tax burden is $0, up to $1,700 will be paid to qualified taxpayers. Another important tax benefit for new parent

I’ve read through the 800+ pages of the One Big Beautiful Bill, for the items relevant to most US taxpayers. 5 quick bits of Good News: 1.       SALT cap on Schedule A raised from $10k to $40k – big help to homeowners in high-tax states such as CA, NJ and WA. 2.       Seniors – all taxpayers 65 and older qualify for an additional $6k deduction. This replaces the prior senior adjustment of $1,950. 3.       Interest paid on auto loans – now deductible from taxable income, up t