Spring is so close we can almost feel it (almost), which only means one thing: tax season is upon us! Paying Uncle Sam every year can be a confusing and complicated matter, but did you know that our tax system actually offers quite a few valuable deductions and credits specifically meant for parents? Whether you do your own taxes or use a professional, it's always important to stay informed about where your money is going. The new tax overhaul is also sure to affect some of these exemptions and credits in the near future, so don't wait to take advantage of them. Dependents Tax Exemption: Parents can deduct $4,050 per child on their tax bracket for 2017, which ultimately reduces the taxable income.