Previously $1000 per qualifying child under 17, the child tax credit has been raised to $2,000. For those dependents that do not get the credit, a $500 credit is available.
A raise in the contribution limit for certain retirement plans
If you participate in your employee sponsored retirement plan ( 401(k), 403(b) and most 457 plans, and the Thrift Savings Plan) the amount you can contribute goes up $500 to $18,500 this year.
There are many changes taking place in the new tax bill and hopefully the above is all good news to many of you. These changes will take effect for the taxes you will file for 2018. With that being said, some of you may have already seen some changes in your paycheck since employers are modifying withholdings to recognize the new tax brackets for 2018.