Child Care Tax Deduction

Sunday, December 31, 2017

Child Care Tax Deduction

If you work full-time and pay for the care1 of a dependent you may be able to get a credit for what you spend above the expenses covered by your tax-deductible flexible-spending plan at work. Depending on your income, you're entitled to a 20% to 35% credit on up to $3,000 in expenses for one dependent or $6,000 for two or more.

For more information, see IRS Form 2441 or IRS Publication 503. The credit is entered on line 47 on the 1040.

You may also deduct the cost of participating in a weight-loss program2 for a specific disease or diseases, including obesity, diagnosed by a physician.
 For more information, see IRS Topic 502

Talk to your CPA…….

1Camp attendances and after school  supervised care if your child enrolled in our program on regular basis.
2Check Monarchs Fitness Program for youth, teenagers or adults or any other of our programs - all our activities include a significant amount of physical activity that contributes to cardio-respiratory endurance plus one or more of: muscular strength, muscular endurance, flexibility, or balance.