The child tax credit is increased to $2,000 for each child — and up to $1,400 of that can be delivered in the form of refundable credit, which means taxpayers can receive money back even if they have no tax liability. (Taxpayers may also reduce their tax bill by up to $500 for other dependents who are not children.)

But that all changes in 2025, when the deductions and exemptions revert to current law.

Mortgage Interest, and State and Local Tax Deductions

NOW You can generally deduct the amount you pay for state and local income taxes, including property taxes, on your federal income tax return. You can also deduct the interest you pay each year on mortgage debt up to $1 million, a cap that can cover multiple homes. Plus, you can generally deduct up to $100,000 in interest you pay on a home-equity loan or line of credit.

NEW PLAN Taxpayers may deduct only up to $10,000 total, which may include any combination of state and local income taxes and property taxes (or sales plus property taxes in states where there is no income tax). But don’t bother trying to prepay your state and local income taxes for 2018 before year-end to circumvent the new limit. The proposal is one step ahead of you and your accountant and won’t allow it.

For homeowners who pay their state income taxes quarterly, it is O.K. to pay the last and final installment due Jan. 16 on or before the last day of this year, if you want to claim the deduction this year.

Taxpayers can also prepay their 2018 property taxes — as long as their local jurisdiction allows it.

You can also deduct the interest paid on mortgage debt up to $750,000; that includes your primary home and one other “qualified residence,” which may include a mobile home or a boat. But if you bought a property before Dec. 15, you can still deduct interest up to $1 million (the limit under current law). Home equity loan interest is no longer deductible for anyone.