Leverage Your Child!

Zen Mensch Accounting

Did you know that there are tax credits for Junior’s video immersion day camp and Hilda’s after-school Sanskrit lessons until  they turn 13 years young? The “Child and Dependent Care Credit” is available for those activities as well as for preschool and babysitting services. You can save up to $2,100  per year on $6,000 of qualifying expenses (the exact amount depends on your income, the number of children, whether your spouse works, and the rest of your tax return). Even better, if your employer offers a “flexible spending account” for dependent care then the tax advantages can be even greater and your employer also benefits! Really! More details here:

NOTE: Every situation is different and federal and state tax laws are subject to change.  This article is presented exclusively for informational purposes and is not intended to substitute for obtaining tax or financial advice from a tax or other business professional.

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