Child Care Tax Breaks

Child Care Tax Breaks

First the easy part: For every child you have with a valid Social Security number you can deduct $3,650 on your taxes. And you may qualify for a $1,000 tax credit for each child younger than 17.

Then, if you and your spouse both work and your children are under thirteen, you can claim tax credits for qualifying child-care expenses. And your employer may offer a flexible spending account (FSA) that allows you to set aside up to $5,000 per year, pre-tax, to spend on child-care expenses. Just keep in mind that any money you don’t spend will be lost at the end of the year, and if you use a FSA to cover child care expenses you are not eligible to claim the child-care tax credit.

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