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Whats the deal with writing off daycare with your taxes?
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apb17
My guys
Member since 5/06 2173 total posts
Name:
Alli
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Whats the deal with writing off daycare with your taxes?
Now that I'm looking at various places, typically how much of it can you write off?
TIA
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Posted 2/12/08 3:08 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: Whats the deal with writing off daycare with your taxes?
It's a max yearly expense of $3k for one child, max of $6k for two. You get a certain percentage back in the form of a credit on your taxes. You should also make sure your childcare provider claims the earnings (many in home providers don't).
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| Posted 2/12/08 3:36 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Whats the deal with writing off daycare with your taxes?
You can also check to see if your employer offers a Section 125 account. Then you have your day care expenses taken out of your check pretax to reduce your taxable income. This is maxed out at $5000 per child so its a greater savings.
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| Posted 2/12/08 3:58 PM |
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