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$1,000 child tax credit. For 2014, a new baby also delivers a tax credit of up $1,000, even if the child was born late in the year. Unlike a deduction that reduces the amount of income the government gets to tax, a credit reduces your tax bill dollar-for-dollar.
A deduction is allowed for amounts paid to care for a qualifying child, or a disabled dependent or spouse so that a taxpayer may work or look for work. Massachusetts bases its child care expense deduction on the amount of qualifying expenses used to compute the federal child care credit under I.R.C. Â§ 21.