4 Things New Parents Need to Know About Taxes

Becoming a parent is one of the biggest transformations you'll ever go through. As you consider nursery-room renovations, midnight feedings, diaper changes, and the other challenges of parenthood, probably the last thing on your mind is the impact that having children can have on your income taxes.

Fortunately, when it comes to taxes, the news for parents is generally good.

Here's a brief look at some of the ways that having children can help you save on your tax return.

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Motley Fool contributor Dan Caplinger has enjoyed the tax and other benefits of his daughter for seven years. You can follow him on Twitter here.