Learn how the new "no tax on tips" deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work.

Child Tax Credit: This tax credit increases by $200 year over year, to $2,200 per child for the 2025 tax year. It applies to single filers with annual incomes up to $200,000, or $400,000 for joint filers. Above those thresholds, parents may be able to claim a partial credit.

The Tax Foundation, a nonpartisan think tank, estimates that the various tax cuts included in the bill will increase the average Americans tax return by anywhere from $300 to $1,000 when filing in 2026.

The IRS has not publicly stated when it will begin accepting tax returns in 2026. Last year, the agency began accepting returns on Jan. 27.