Tuesday, December 8, 2015

Tax Benefits Available for Childcare Expenses

As parents excitedly plan for the arrival of a new addition, they may be in for a bit of a surprise when they calculate the cost of childcare. According to 2015 data from Child Care Aware of America, the cost of full-time infant childcare can take up as much as 15% of median family income. Currently there are two tax benefits that parents may consider using towards their childcare expenses.

The first is the Child Dependent Care Credit, a nonrefundable tax credit of up to 35% of qualifying childcare expenses. Qualified expenses are those paid for an in home sitter, summer
from It's Taxing - Bond Beebe

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