I recently received a receipt from the daycare I take my daughter to occassionally, for the total amount I paid last year. (We have a regular sitter, daycare is only a once-in-awhile thing.) Is this something I should take to my accountant when getting my taxes done, or is it worthless? My tax returns have always been pretty clear-cut and simple, so I'm not used to all these extra little things. Any info. is appreciated!
2007-02-13 04:02:15 · 11 answers · asked by angelbaby 7 in Pregnancy & Parenting ➔ Other - Pregnancy & Parenting
The total amount was only a little less than $550.
2007-02-13 04:08:58 · update #1
I am pretty clueless about these things as well. I remember needing the receipt as proof for my flexible spending account (from which I did get a tax break because I could use pre-taxed money from my salary to pay for childcare thus lowering my actual income and lowering the amount I got taxed on).
2007-02-13 04:13:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you have her in daycare/with a baby sitter while you are working, you can get a credit on your taxes for that. You will need the slip from daycare, plus your sitter's SSN and the amount you paid her.
If the daycare/sitter is just occasional for while you are out for personal reasons, you can't claim it on your taxes.
2007-02-13 06:37:56 · answer #2 · answered by growing inside 5 · 0⤊ 0⤋
Yes, there is a dependent care tax credit and, depending on how much you make, you can claim up to $3000 for 1 child/$6000 for 2 or more. Then, depending on your tax status, you would get a % of that back. If you make over $43,000, you would get 20% as a credit. Less than that, you would get up to 35% as a credit. There is a whole article on it on msnbc. I posted the link below.
2007-02-13 07:58:02 · answer #3 · answered by Mytwosons 2 · 0⤊ 0⤋
The total you spend for the year on childcare may make you eligible for a tax credit. Take that info with you when you get your taxes done.
2007-02-13 04:14:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I use to work in a child care facility...YES YES YES any money you spend on any child care is a tax write off...and be sure to take that to the tax place, or if you do the tax information yourself be sure to include that...You could be border line on a tax bracket and that little bit could make a huge differerence!! Good luck!
2007-02-13 04:39:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
That's money in your pocket. Also mention line 71, which says says that if you had a land telephone line that you qualify for a tax refund this year only. The more children you have, the more money you get. It's also a refund that you get even if you pay in. They have to give it to you anyway. Check out the link below.
2007-02-13 05:21:23 · answer #6 · answered by Molly Doll 2 · 0⤊ 0⤋
yes they take that in to consideration on your taxes, but you have to have the tax id number for the provider and dollar amount the day care should gladly give you this i paid 900 in after school care since may and recieved a 280 credit for it.
2007-02-13 05:23:11 · answer #7 · answered by lisamarie7901 5 · 0⤊ 0⤋
Every little bit helps and yes you can take it off your taxes. You can even take off what you pay your regular sitter.
2007-02-13 05:32:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋
2 diverse animals. very own loan coverage and taxes are your month-to-month fee. final fee that contain sources taxes are minimum escrow balances for sources taxes as required via financial enterprise/very own loan. the quantity is a starter expenditures u could have. been there. sturdy understanding is sturdy success.
2016-10-02 02:00:34 · answer #9 · answered by ? 4 · 0⤊ 0⤋
Take it with you when you do your taxes. It will just depend how many deductions you have for the year whether you itemize or just take the standard deduction.
2007-02-13 04:08:43 · answer #10 · answered by Heather Y 7 · 1⤊ 0⤋