Congratulations on your new baby. Let Uncle Sam help cover some of your growing family's costs.
A dependent youngster is an added exemption. Kids also allow parents to claim the child tax credit as long as the youngster was 16 at the end of the tax year. Large families might be able to get money back from the IRS via the refundable additional child tax credit.
If your family grew via an adoption, there's a tax credit to cover some of the many costs of that process.
Working parents can use the child and dependent care credit to pay for some of the costs of caring for their kids while they are on the job.
And the tax code also offers several ways to save and pay for higher education costs, including 529 college savings plans, the Coverdell Education Savings Account and the American opportunity and lifetime learning tax credits.