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Updated: 4/18/2007 7:11 am
Childcare costs are rising, and some families are finding it difficult to afford this necessary service. The good news is there may be financial aid available for you. The federal government offers three benefits which can reduce your taxes. If you choose, you can put this money toward child care. The first benefit is a deduction for children in your household, under the age of 18, dependent on your income. Second, any childcare costs you incur while working, or looking for work, may reduce your taxes up to one thousand four hundred and forty dollars. Finally, low income families may qualify for a tax credit of up to over 2 thousand dollars. Your employer may offer money for childcare, also. While some employers offer vouchers for costs; others will allow you to withhold pre-tax income for child care purposes. Some states also offer child care subsidies. This may include care centers accepting fees on a sliding scale, dependent upon your income, or may provide vouchers for low income families. For more information on state sponsored child care money, contact your department of Health or Human services.
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