Some expenses you should consider regarding a new child are the deductions and credits related to adding another dependent such as additional child tax credit, medical or adoption expenses, and an additional credit for having another dependent. Also, if you pay for child care expenses you may qualify for a credit related to that expense.
This article is very helpful on what tax deductions and credits Families should consider. https://turbotax.intuit.com/tax-tips/family/tax-exemptions-and-deductions-for-families/L0Nx5Tnxi This information is the most up to date at this point.
For tax year 2022 there are some known updates regarding child care expenses that this article discusses. https://turbotax.intuit.com/tax-tips/family/tax-exemptions-and-deductions-for-families/L0Nx5Tnxi
We also have an awesome resource called the Life Event: New Child and Dependents Life Event Hub. Our information will update as the IRS comes out with future updates for Tax Year 2022. https://ttlc.intuit.com/community/custom/page/page-id/NewChild-Dependents-TurboTaxCommunityUS
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