Child and Dependent Care Expense Credit

Are you a working parent? Do you have Day Care Expenses? Did you know that you can deduct your child and dependent care expenses? The Child and Dependent Care Expenses Credit is a nonrefundable credit and will reduce the amount you owe on your taxes. About Dependent Care Expense Credit The dependent care credit was extended permanently by the year end 2012 Tax Act. To apply for this credit, working parents will use Form 2441 called Child and Dependent Care Expenses As with all credits there are limitations and rules on who can qualify and what amount you can deduct for the Child and Dependent Care Expenses. Here are some useful guidelines: * Maximum amount you can receive is $3,000 for one child and $6000 for more than one child. (Note: the total limit of $6000 does not have to be divided equally between all the children.) […]