5. You added to your family
When you claim a dependent on your tax return, it can have a great impact on your tax liability. Why is that so? Because the Child Tax Credit (CTC) is a partially refundable credit worth $2,000 per qualifying child.
This is actually a significant benefit that all parents and legal guardians can claim because it minimizes your income tax bill and could even increase your federal tax refund.
There are also tax credits for things such as child care, dependents who don’t qualify for the CTC, adoption expenses and for college tuition as kids get older–just to name a few.
