Entrepreneurs, while you are focused on tax savings for your business, don't overlook those closest to you: your family. Those little ones at home can make a huge impact on your tax return, if you know the rules. Here are 8 things you need to know concerning your family.

1. The Child Tax Credit

Parents may again reap the benefits of the $1,000 child tax credit. A qualifying child must be under 17 and be either a son, daughter, stepchild, eligible foster child who is a dependent, brother, sister, stepbrother, stepsister, or descendent of one of them (including grandchild, niece and nephew). This credit is nonrefundable, and can only reduce the taxpayer's income tax.

2. Earned Income Tax Credit

Low and moderate-income wage earners may qualify for the Earned Income Tax Credit. Because the EITC is a refundable credit, it can reduce or eliminate tax liabilities for eligible wage earners with and without children. For families without children the credit will be $503 and, for families with three or more children, the maximum credit will be $6,242.

3. "Kiddie Tax" Change Affects Children's Investment Income

Children who are under age 18 at the end of the year will continue to be taxed at the parent's tax rate. This taxing of investment income at the parent's tax rate will also apply to a child age 18 at the end of the year, or to a child who was a full-time student, over age 18 and under age 24 at the end of the year, when the child did not have earned income that was more than half of the child's support.

If the child's interest, dividends, and other investment income total more than $2,100, part of that income may be taxed at the parent's tax rate instead of at the child's tax rate.

4. Dependent's Exemption

For each qualifying child, you can claim a dependent's exemption of $4,000. Children who are working cannot claim their own exemptions if they qualify to be claimed as a dependent.

5. Child and Dependent Care Credit

A credit for up to 35% of qualified child and dependent care expenses paid is available for taxpayers who pay a caregiver in order to go to work or to look for a job.

Qualified expenses may be allowed for up to $3,000 for one eligible child or dependent, and $6,000 for two or more.

People who are employed or looking for work (who must pay someone to care for dependents under age 13 or for a qualified disabled person) may also be able to take this credit.

6. Children as Your Employees

A child employed by a parent is exempt from having FICA withheld from his or her income until age 18 and the parent is exempt from paying FUTA until the child reaches age 21.

The child must be a true employee of the parent-owned business. Be sure to document the child's hours, nature of their work, and wages earned with weekly timesheets and the child must be issued a Form W-2.

7. Education Credits for Children and Dependents in College

There are several credits available for taxpayers with children or family members in college. Qualifying higher education expenses such as tuition and fees paid for yourself, a spouse, or a dependent may be deductible.

The American Opportunity Tax Credit will be available through 2017. Taxpayers may receive a credit for qualified education expenses up to $2,500 per eligible student.

Taxpayers may receive the credit of up to 100 percent of the first $2,000 in qualified expenses, like fees and tuition, and 25 percent of the next $2,000 qualified education expenses.

8. Children Born on December 31 Can Be Claimed the Entire Year

Any child born in 2015 up to the last minute of the year on December 31 can be claimed for the entire year of 2015. How's that for a Happy New Years gift from the IRS?

Enjoy the holidays!