You finally found that perfect nanny or babysitter to care for your kids. Congratulations! But the work isn’t done yet. Did you know that hiring a caregiver comes with tax and payroll responsibilities? While most families are excited to find someone to help care for their little ones, the euphoria sometimes quickly disappears when they …
The Child and Dependent Care Credit became permanent starting with the 2012 tax year – giving working individuals with kids and other dependents a major way to offset their childcare and dependent care expenses. The Dependent Care Credit allows you to deduct up to 35% of your childcare bills, up to a maximum of $6,000.
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