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Child and Dependent Care Credit can help you save on your taxes
The cost of raising a child is elevating every day. Paying for
baseball leagues, dance lessons, day care, clothing, food and
school supplies can add up to be a large sum of money. On the
other hand, if you are caring for a parent, a spouse or any
other dependent that are physically or mentally incapable of
caring for themselves can also add up to be a large sum of
money. If you are in either one of these categories, the IRS has
a child and dependent care tax break for you to save money on
your income tax.
According to the IRS website, this credit is available to people
who, in order to work or to look for work, have to pay for child
care services for dependents under age 13. The credit is also
available if you paid for care of a spouse or a dependent of any
age that is physically or mentally incapable of self care. "Many
people do not know on how many different ways they can save
money on their taxes," said Jayson French, a tax practitioner
for Palm Beach Tax Center. "Child and Dependent Care Credit can
be very helpful for parents that have to pay for daycare and
other work related expenditures."
The tax credit is a percentage, based on your gross income will
cover work related child and dependent expenses. For example, if
your child needs after-school care because you work until 6
p.m., you will fit in this category. Conditions that apply:
- You must
have earned income from wages, salaries, and tips or
other taxable employee compensation, or net earnings from
self-employment. If you are married, both you and your spouse
must have earned income, unless one spouse was either a
full-time student or was physically or mentally incapable of
self-care.
- The payments for care cannot be paid to someone you can claim
as your dependent on your return or to your child who is under
age 19.
- Your filing status must be single, head of household,
qualifying widow(er) with a dependent child, or married filing
jointly.
- The care must have been provided for one or more qualifying
persons identified on the form you use to claim the credit.
-You (and, if you are married, your spouse) must maintain a home
that you live in with the qualifying child or dependent.
For more information, go to
http://www.irs.gov/newsroom/article/0,,id=106189,00.html
About the author:
Pete Glocker is employed in the Education and Charitable
Services Department at Debt Management Credit Counseling Corp.
("DMCC"), a 501c(3) non-profit charitable organization located
in Boca Raton, Florida. Pete graduated from Florida Atlantic
University with a BA in Multimedia Journalism and is an
experienced web producer for Tribune Interactive products
Sun-Sentinel.com and SouthFlorida.com. DMCC provides free
financial
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| Internal Revenue Service |
| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| Tax Information for Individuals |
| Access to useful information, booklets and other tools from the Internal Revenue Service. |
| www.irs.gov |
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| Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
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| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
| moneycentral.msn.com |
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| Tax - Wikipedia, the free encyclopedia |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
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| Essential Links to Taxes |
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| Taxes - Tax News for Home and Business from CNNMoney |
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| money.cnn.com |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
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| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
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| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
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| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
| www.hmrc.gov.uk |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
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| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
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