Dr. Friday explains that the Child and Dependent Care Credit can still provide nonrefundable relief for eligible care costs. She also mentions income limits and how 529 plans may help with related education expenses.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Child and Dependent Care Credit continues to offer non-refundable tax relief for qualified child care, with eligible percentages and expense caps adjusted over time.
All I’m trying to say is maybe you have a kid in daycare, maybe you have a child in private school, and there are some tax credits that could apply. A lot of this depends on your income.
Now, if you have a 529 plan, you could be taking money out of that and you won’t even have to worry about the taxes.
If you need help understanding how you might be able to put money aside, or maybe even help your kids or grandkids because you have some money you want to help with, just go to drfriday.com and ask a question.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.