Here is a information about the Child Care Tax Credit. The site offers riches of information on the Child Care Tax Credit including how to apply.Individuals who pay for day care expenses for their children or disabled adult dependents may be eligible for a federal tax credit of up to $3,000 for one dependent or up to $6,000 for two or more dependents. You can use the Free Tax Estimator provided by Turbo Tax Online to estimate your Child Care or Dependent Care Tax Credit.
Your child must be less than 13 years old. You must be paying someone else to care for them, this cannot be a spouse or a child of your own under 19 years of age. The person you pay must not be a dependent of yours. You can reduce your tax debt if you qualify for the child care tax credit.
About Child Tax Credit
The Child Tax Credit is a credit worth up to $1,000 for every qualifying child. If you have 4 children, the credit can cut your tax bill by up to $4,000. Remember, a credit offsets your tax bill dollar for dollar. A child must meet 5 criteria for you to receive child-related tax profits.
The Child Tax Credit is available regardless of your filing status. However, your credit is reduced if your modified adjusted gross income (MAGI) is more than:
Additional Child Tax Credit
The Child Tax Credit can't reduce your tax below zero. However, if your Child Tax Credit is limited by your tax, you may be eligible for the additional Child Tax Credit, even if your tax liability is zero. You may be eligible if:
Why would not apply for this credit?
There is no cause as long as your qualify. You should take benefit of the child care tax credit or dependent care credit. Why not take every legal benefit when you file your income tax. You may qualify for a tax refund, and this credit can help. If you are a parent or caring for a dependent person you deserves this tax break!