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Understand the tax impacts of child care expenses

Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Death of a Life Partner
Military Life

The costs of child care can be very high. However, you may be able to obtain a tax credit for a portion of your child care expenses if the child care is needed while you work or go to school.

The following resources may assist you in understanding the tax impacts of child care expenses:

The Child Care Tax Credit

Child Care Flexible Spending Account Versus the Child Care Credit

Claiming the Child Care Tax Credit

IRS Child Care Tax Credit Publication

IRS Child Care Tax Credit Form

Tax Aspects of Paying for Day Care In Your Home

Having a Child Tasks

1. Protecting against risk
2. Updating your estate plan
3. Arranging child care
4. Revising your spending plan
5. Saving for your child’s education

Arranging child care Subtasks

1. Consider grandparents or other family members for your child care
2. Select a professional child care provider
3. Know your rights in regards to obtaining child care
4. Understand the tax impacts of child care expenses

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