A. Kiplinger has an article that mentions 10 overlooked tax breaks for new parents, here are four of the most common ones -
1. Dependency Exemption
You can claim your child as an dependent and deduct $4,050 income from tax in 2017.
2. Child Tax Credit
A new baby entitles you to $1,000 child tax credit, until the child reaches age 17.
3. Head of Household Status
If you are a single, having a child allows you to file as a head of household rather than using the single filing status, that will give you a bigger standard deduction and more advantageous tax brackets.
4. Adoption Credit
This credit will reimburse you for up to $13,460 in expenses for a 2016 adoption.