Welcoming a new child into your life is a great joy, but it also means big financial changes. These young family members can affect your tax situation. To start off right, here are some tips to keep in mind.
In this document, I share information about:
- Tax returns and withholding;
- Child and dependent care tax credit;
- Adoption tax credit; and
- Child care costs.
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If you have questions about how your taxes might change when bringing a new child into the family, please give me a call.