This credit can significantly reduce your tax liability or increase your refund. Another valuable credit is the Child Tax Credit (CTC). For each qualifying child, you can claim up to $2,000 ...

The House of Representatives passed a bill that would boost the child tax credit to as much as $2,500. If it passes the ...

Tax credits are classified as either nonrefundable, fully refundable or partially refundable. Nonrefundable tax credits can only be used against taxes that you owe -- once your tax bill hits $0 ...

Tax deductions reduce your taxable income, while tax credits directly lower your tax bill dollar for dollar. Refundable credits can result in a refund if they exceed your tax bill, while ...

Mike DeWine. As part of multibillion-dollar budget negotiations this session, Ohio lawmakers will consider the new refundable tax credit worth up to $1,000 per young child, to be paid for by an ...

Mike DeWine. As part of multibillion-dollar budget negotiations this session, Ohio lawmakers will consider the new refundable tax credit worth up to $1,000 per young child, to be paid for by an ...

This story is part of Taxes 2025, CNET's coverage of the best tax software, tax tips and everything else you need to file your return and track your refund. Tax credits directly subtract money ...