Friday, February 9, 2018

Tax Savings on Child Care Costs and Nanny Agency Placement Fees

Good article from MarketWatch about how parents can save thousands of dollars by taking advantage of money saving tax breaks for child care. 

Placement agency fees are covered, and so are some other unexpected expenses
 "Both the FSA and the child-care tax credit cover a wide range of expenses, including nursery school, after-school programs, and babysitting by a relative (as long as that relative isn’t a dependent and the babysitting was so the parent could go to work). Many parents are surprised to learn that the FSA and tax credit also cover fees that parents pay to a placement agency to find a nanny, which can be several thousand dollars, Swope said."  Continue reading here