New tax laws mean big changes for families

TOLEDO, Ohio (WTVG) - Tax season here in the US is just about to start and there are a number of changes you should be aware of before you file, including changes to tax rates and bracket structures. According to Brandyn Cox of BMC Accounting, LLC, these changes aren't exactly advantageous for middle class families -- they mostly help out businesses and those in higher income brackets -- but there is some good news for those with big families.

"Those that have a family with a lot of children, they're more likely to get a better tax return," says Cox. "The child tax credit doubled from a thousand dollars to two thousand dollars per child under the age of 17. Also you can now use your 529 for other expenses instead of just for college, you can now use it for private tuition all the way up from kindergarten to high school."

There is also a big change in the standard deduction for married couples, which will nearly double this year to $24,000.

If you're looking to get more out of your itemized deductions, which have also seen major changes, you'll need to do so through medical expenses, charitable donations, and state and local taxes.