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Childcare and income tax

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Updated: 4/18/2007 10:11 am
Currently, the federal government allows tax deductions for dependent children and some expenses incurred while raising them. The federal government offers three benefits which can reduce your taxes. The first benefit's a deduction for a dependent. Any minor living more than six months of the year with you, for whom you provide over half the cost of support, is your dependent. Next, low-income families may qualify for a tax credit of two thousand dollars or more. Finally, any childcare costs you have while working, or looking for work, may reduce your taxes up to one thousand, one hundred, forty dollars. To claim the allowable portion of your expense, you'll need documented evidence. This can be a statement from your childcare provider, weekly or monthly receipts, or canceled checks. You'll also need your provider's tax identification number or social security number to claim this deduction. Without proof of payment and the tax I-D number, you can't claim a childcare tax deduction, so it's a good idea to establish your intention to file for this tax benefit with independent child caregivers.
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