Having a baby can take a toll on a family's budget, so you'll want to take advantage of every kid-related tax break Uncle Sam has to offer, says Jackie Perlman, senior tax research coordinator at H&R Block. Four tax credits you may qualify for as a new parent:

The child tax credit could lower your tax bill by as much as $1,000 per child. Couples filing jointly who earn no more than $110,000 are eligible to claim the full credit. The dependent care credit, which can be used for child care or elder care, goes down as income goes up and maxes out at two dependents. The flexible spending account (FSA), offered by many companies as an alternative to dependent-care credit, allows employees to put away as much as $5,000 of pretax income for child care. The caveat: You'll lose dollars you can't submit claims for. The earned income tax credit Married couples earning $38,347 or less with two or more kids are eligible—but again, higher income yields less credit.

Got questions? Check with your accountant or go to www.irs.gov.