Tag Archives: dependent care credit

Claiming Dependents?

In order to get a little extra cash back this tax season, consider the benefits you can claim as dependents for children or adult relatives. For each dependent you claim that you qualify, you may be eligible for an additional tax credit that can reduce your tax liability and save you money depending on the […]

Child and Dependent Care: Form 2441

If you pay for the care of either a child or a dependent, you may qualify for a credit at tax time. Using Form 2441, taxpayers can claim their credit, however there are a variety of requirements you must meet first, so it’s important to understand all the rules. To claim the credit, you must […]

When you’re ready to file your return, you may be interested in knowing how you can save money just by being a parent. The sheer act of raising children can reduce the amount of taxes you owe. The following eight options are available to parent taxpayers: Dependent Deduction: Generally, you can claim your child as […]

Child Care Costs Matter At Tax Time

Paying for someone else to look after your child while you work can get costly. Thankfully, there’s a tax credit that can help you recover some of those costs. The Child and Dependent Care Credit can be claimed by taxpayers who paid a caretaker as responsible for their child under the age of 13, or […]

How Children Can Affect Taxes

Are you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]

Deducting Care For Dependents

Ensuring that you have adequate care for your children when you have to work can really put a damper on your budget. This type of expense may be deductible through the Child and Dependent Care Credit, which is a tax credit available to working parents. This credit can save you Up to $3000, which is […]

If you paid someone to care for a dependent in your household within the tax year, while you either worked or sought employment, you may be eligible to claim the Child and Dependent Care Tax Credit. The Requirements You must meet certain requirements in order to claim this credit. You must have paid for dependent […]

Children Bring Joy and Tax Deductions

Having a baby can be one of life’s greatest treasures. From their first smile, first step, first word, and even their first tax deduction- wait, what? That’s right, having a baby not only enriches your life, but also your pocket come tax time. The US Department of Agriculture reports that it costs an average of […]

For many parents, in order to make money, they have to spend money. Working parents may have to pay for the care of their child while they are at work, and if so, they may be eligible for a limited tax credit. The tax credit, known as the dependent care credit, is based on your […]