Paying for child care or adult dependent care is one of the costly monthly expenses many families face. But without care, your children can’t leave home to earn a living or go to school. Child and dependent care tax credit is a tax break you can grab if you paid for day care, summer camp or a sitter.
Childcare expenses keep rising and are approaching the cost of college tuition. By claiming your child and dependent care tax credit with H&R Block, you might be able to get back some of the money you spent on childcare expenses. H&R Block child and dependent care tax credit service is designed ultimately for individuals working with dependents to help offset the cost associated with going to work every day. You can also qualify if you cared for disabled dependents or spouses.
As working parents, child and dependent care tax credit can help you pay expenses for the care of your children, adult dependents or an incapacitated spouse. You can claim up to $3,000 in dependent care expenses for one child/dependent and $6,000 for two children/dependents per year. Child and dependent care tax credit is non-refundable; meaning that if a family does not earn enough money to owe federal income taxes, it cannot get a tax refund from the credit.
There are certain qualifications you have to meet in order to qualify for the child and dependent care tax credit. You must have at least one dependent child or adult who cannot provide their own care, you must be working and receiving an income, the child must be your dependent and under the age of 13, the child must also live with you at least half the year in the case where custody is split between parents or guardians, and the daycare center must be a qualifying provider for the credit.
Claiming your child and dependent care tax credit with H&R Block offers extraordinary experiences. H&R Block’s online tax filing services can efficiently import your W2 information into your tax return so you can avoid worrying about your forms being delivered via snail mail.