dependent care credit

3 Tips if You Provide Financial Assistance to an Aging Parent

Family Finances / By Lynnette Khalfani-Cox, The Money Coach / aging parents, dependent care credit, IRS Publication 503

If your parents are getting older, and you’re starting to handle some of their medical or personal bills, there are some smart ways to help financially — without putting yourself in an economic hole. Here are three financial tips to lighten the load when you’re providing monetary assistance to your Mom or Dad or allowing …

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The Child and Dependent Care Credit Explained

2 Comments / Taxes / By Lynnette Khalfani-Cox, The Money Coach / child care tax credit, dependent care credit, IRS Publication 503, qualifying person

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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