This group of Americans will most likely have the largest tax refunds

Under the new law, families can deduct up to $ 2,000 per eligible child, up from $ 1,000 previously. These are credits. Therefore, if your bill is $ 10,000 and you qualify for the maximum credit, your bill will increase to $ 8,000. In addition, the child tax credit of up to $ 1,400 is refundable this year. So, even if you owe nothing money to the IRS, you can recover that money in the form of a refund.

"The child tax credit is a major asset for young families with children," says Harlene Stevens, CPA at Nisivoccia LLP.

There is also a new non-refundable $ 500 credit for other eligible dependents who otherwise would not be able to meet the requirements of the larger child tax credit. For example, if you have children under 23 years of age who are still living at home or supporting grandchildren, you can claim this credit.

However, Ebel notes that if you do not have children or dependents and have detailed your deductions in 2017 and you plan to do the same in 2018, you will likely get a refund less important. This series of Americans "is one of the groups most at risk of having to pay instead of being reimbursed," she says.