Congress has legislated certain tax credits and savings incentives focused on relieving the cost of child care for eligible taxpayers that may provide additional savings for you.
The Child and Dependent Care Tax Credit is a federal tax credit available for eligible taxpayers to assist in reducing your year-end tax liability.
A Dependent Care Flexible Spending Account (FSA) may be provided by your employer to allow you to set aside pre-tax dollars for child care costs.
Various states provide additional incentives for qualified taxpayers.
Each person’s income and tax situation is unique, so you should consult with your tax advisor to determine eligibility and savings opportunities.
