| The cost of raising a child is elevating every day. | | | | income will cover work related child and dependent |
| Paying for baseball leagues, dance lessons, day care, | | | | expenses. For example, if your child needs |
| clothing, food and school supplies can add up to be a | | | | after-school care because you work until 6 p.m., you |
| large sum of money. On the other hand, if you are | | | | will fit in this category. Conditions that apply: |
| caring for a parent, a spouse or any other dependent | | | | - You must have earned income from wages, salaries, |
| that are physically or mentally incapable of caring for | | | | and tips or other taxable employee compensation, or |
| themselves can also add up to be a large sum of | | | | net earnings from self-employment. If you are married, |
| money. If you are in either one of these categories, the | | | | both you and your spouse must have earned income, |
| IRS has a child and dependent care tax break for you | | | | unless one spouse was either a full-time student or |
| to save money on your income tax. | | | | was physically or mentally incapable of self-care. |
| According to the IRS website, this credit is available to | | | | - The payments for care cannot be paid to someone |
| people who, in order to work or to look for work, have | | | | you can claim as your dependent on your return or to |
| to pay for child care services for dependents under | | | | your child who is under age 19. |
| age 13. The credit is also available if you paid for care | | | | - Your filing status must be single, head of household, |
| of a spouse or a dependent of any age that is | | | | qualifying widow(er) with a dependent child, or married |
| physically or mentally incapable of self care. Many | | | | filing jointly. |
| people do not know on how many different ways | | | | - The care must have been provided for one or more |
| they can save money on their taxes, said Jayson | | | | qualifying persons identified on the form you use to |
| French, a tax practitioner for Palm Beach Tax Center. | | | | claim the credit. |
| Child and Dependent Care Credit can be very helpful | | | | - You (and, if you are married, your spouse) must |
| for parents that have to pay for daycare and other | | | | maintain a home that you live in with the qualifying child |
| work related expenditures. | | | | or dependent. |
| The tax credit is a percentage, based on your gross | | | | |