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