In simpler times, all you needed to welcome a new baby into your family was love and an empty drawer in which he or she could sleep. In 2015, babies are expensive and modern parents need a lot of gear: diapers, cribs, strollers and car seats—not to mention child care. The list can seem endless. And, it all adds up fast. When my husband and I were expecting our son Connor, now 10 months old, our first trip to Buy Buy Baby left us dazed and concerned about how we would afford all of it.
The good news is, there are more ways than ever to offset the considerable costs related to having a child. If your clients are expecting or planning to have a child, the seven tax tips below might help.
For couples facing infertility (roughly 10 percent of the U.S. population), costs can start mounting long before the much-coveted positive pregnancy test. In fact, couples who require medical assistance to conceive often get hit with a one-two punch—the emotional pain of infertility and the fear of not being able to afford treatments.