Child Care Tax Deduction 101

For parents of children under 12 years, the child care tax deduction can be a lifesaver for working parents. Parents should familiarize themselves with the tax information on the childcare tax deduction. If you are unsure what to do, many tax professionals who can offer tax advice on how to claim this deduction. This can help when it comes time to file your taxes online.

The first thing a parent needs to know is the criteria for child care deduction. The criteria are:

- The child must be age 12 or less. If the child is 13 or older, you must prove that the child, either physically and / or mentally unable to care for themselves. If the child is 13 years and is physically or mentally incapacitated, you can also deduct the cost of adult day care.

- You must provide a home for the child or dependent adult, paying more than half of the expenses for maintaining the home office. You can not deduct child care or dependent of a person not living with you. The child care provider that can not be used other dependent. This means that if your older children care for their younger children, this can not be used for child care deduction unless they are 19 years or older and no longer qualifies as a dependent.

- The child care provider must give your name or business name, if any, address and Social Security number or employer identification. This information will be reported on the 2441 form so that you can claim the child tax credit and dependent care.

Parents have other deductions they can claim on your taxes online or on paper. It is the Child Tax Credit, which can be up to $ 1,000 for each qualifying child. A child shall have, if the child's living expenses are paid by the parents of more than half of the years and the child is not being claimed by anyone. The child must be 16 or less at the end of the year to qualify as a dependent.

Another deduction from the parents is the Earned Income Credit. It was designed to help low-income families with their living expenses. If you need tax advice on how to claim this credit, you can check the IRS website, or contact a tax professional.

Annual verification of changes in tax laws is always a good thing to start, as there may be new deductions to help families struggling with their taxes.

Many people choose to buy tax preparation software to help them file their taxes. Walking programs by the taxpayer through the submission process, ask questions and use your answers to determine what qualifies. If you are unfamiliar with how best to complete your tax return, it might be worth buying one of these programs. They usually come with a choice that everything to file taxes online through the program. This can make the tax process easier and can provide additional savings to the taxpayer.




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