02/12/2013 01:05 pm ET

Tax Deductions For New Parents: How To Get The Most On Your Tax Return (VIDEO)

Good news! If you had a baby in 2012, you're eligible for a hefty tax break. As CNBC personal finance correspondent Sharon Epperson told parents on the "Today" show last week, a new baby means a new deduction.

"You get to claim an additional $3,800 exemption on your taxes," she told Veronica, a mom from Texas.

In the video above, Epperson also explains why new parents may still want to take the standard deduction rather than itemizing.

For more information, our friends at LearnVest have created a comprehensive tax guide for parents, including which form to use (the 1040A or original 1040 form) and what tax credits to are possible to take.