Several friends of mine have recently concieved or delivered a baby recently. Oh, the excitement of bringing a new bundle of joy into the world! Besides experiencing the amazing joy of delivery (at least that’s what I think mothers feel in that delivery room , the new little one(s) also bring with them some great tax benefits.
- Increased personal tax exemption to $3,700 on 2011 tax returns
- Child Tax Credit is still $1,000 for a child younger than 17
- Child care expenses up to $3,000 per child, for a maximum of $6,000