New parents need to study up on the child dependent exemption and the child tax credit, which was introduced in 1997.

FORBES: Investment Guide

Parents must wade through page after page of rules for the dependent exemption, head of household filing status, the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), college subsidies, and more.

FORBES: Navigating The Maze Of Child Tax Credits

The work credit could subsidize all low-wage workers (replacing part of the EITC), while a child credit could replace the dependent exemption, the CTC, the head of household filing status, and the rest of the EITC.

FORBES: Navigating The Maze Of Child Tax Credits