Before the Tax Cuts and Jobs Act (TCJA) of 2017, you'd get a $4,050 deduction for a dependent. However, the TCJA changed that. Now, one of the most common tax breaks is a $500 tax credit for dependents. Also, you may be able to claim head-of-household status, which would increase your standard deduction in tax year 2021 from $12,550 (for single filers) to $18,800.