Slide Show | January 2016

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Most-Overlooked Tax Breaks for New Parents

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Because federal tax law reaches deep into all aspects of our lives, it’s no surprise that the rules that affect us change as our lives change. This can present opportunities to save or create costly pitfalls to avoid. Being alert to the rolling changes that come at various life stages is the key to holding down your tax bill to the legal minimum.

Got a new bundle of joy in your household? The key to tax breaks for your child is a Social Security number. You'll need one to claim him or her as a dependent on your tax return. Failing to report the number can trigger a $50 fine and tie up your refund until things are straightened out. You can request a Social Security number for your newborn at the hospital at the same time you apply for a birth certificate. If you don't, you'll need to file a Form SS-5 with the Social Security Administration and provide proof of the child's age, identity and U.S. citizenship.

Read on for 10 opportunities to cut your tax bill as you grow your family.

Most-Overlooked Tax Breaks for New Parents

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