If you are a new parent you are probably feeling overwhelmed during tax time. You are inundated with information about all the 
money you can save. The good news is that there are ways to save money during tax season by claiming the child tax credit on your newborn. While you can always choose a tax professional, you can choose to do it yourself with this easy to follow guide.
To claim the child tax credit you will need a 1040 or 1040A form. (Note that there is no way to claim the child tax credit with a 1040EZ form.) This credit is good for $1000 tax break because you have just had a baby. This is much different, and much more generous, than a tax deduction. A deduction simply takes money off the top of your taxable income, hopefully reducing you to a lower level. Your tax break is a discount right off the top of the taxes you owe.
The first thing you’ll want to do once you get the form is make sure you and your partner are filing correctly. If you are married or separated and filing separately, then you have to state that because there are rules that apply to your income level and the tax credit. You must stay within the allotted income range. Going over the allotted income range does not mean you are unable to get the break, but rather that you will get a smaller break.
Of course, if you did not get the full refund you deserved the year prior, you may choose to file for an additional child tax credit. This will award you a percentage of your salary if you earned more than $3,000 in a taxable year. Your taxes may get more confusing when you welcome a child into your family, but there is money to be saved and advantages to be had by filing correctly.