Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [child-care]

31 questions
21
votes
6 answers

Affording Daycare for first child

My wife and I are expecting our first child later this year and I have been budgeting to see what we can afford for child care. It looks like the average cost of childcare is ~$1000-$1200/month. This is a huge expense for us that we did not have…
HoldMeImScared
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9
votes
1 answer

How much does it cost to raise a child for the average American family?

A few people have asked how much money they should plan to put aside in order to raise a child given their specific financial situations, but I can't find any information here on average childrearing costs in the US. Calculating your own expected…
Brian
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7
votes
2 answers

In Canada how much are child care receipts worth for income tax?

How much can my family expect to save on taxes if we ask our sitter for a receipt for last year? Our kids are 6 and 10 and we paid about $2300 last year for occasional child care. My husband and I both work, though my hours were irregular/part time.…
Tracy72
7
votes
1 answer

In a 2 income family, is it more tax beneficial for the lower income spouse be the Primary Caregiver (Ontario)?

My wife and I just had a new daughter. My wife applied for the 4 in 1 newborn package and she was designated as the primary caregiver and applied for the child care benefits. Since she makes more than me (I'm in a much lower tax bracket than her),…
linstar
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7
votes
4 answers

Day care tax deduction

In the US, are day-care expenses tax deductible? And if so under what conditions? For example, if one parent is working, but the other is still going to (graduate) school, is any kind of deduction possible?
Mom12345
7
votes
1 answer

Is there any program American can take advantage of to help offset childcare costs during Covid-19?

Due to Covid-19, my son's schools have been shut down for most of the year. Though my workplace allows parents to bring their children to work, he is special needs/has a disability, so requires much assistance. As such, we've had to pay a babysitter…
Village
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6
votes
1 answer

Dependent Care Flexible Spending Account (DCFSA) over-contribution rules

During these days we have an enrollment period for 2014 benefits at my workplace. After this window, no changes will be allowed to my contributions selections. One of the benefits is a DCFSA. One attribute of such benefit is that one can take…
ysap
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5
votes
1 answer

How much will I benefit if I get receipts for child care? (Canada)

I am returning to work soon and will pay approx $13,000/year for care for my little one. I would appreciate feedback as to whether I am understanding the value of claiming child care on taxes... I earn approx $35,000/ year and as I understand it, I…
NL Missus
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5
votes
1 answer

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at moms4mom.com.]
Chris W. Rea
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5
votes
0 answers

Is preschool closure (due to the pandemic) a qualifying event for Dependent Care FSA?

I'm trying to figure out of closure of my daughter's preschool meets the qualifying event criteria so that I can reduce my dependent care FSA contributions. I've read a few places online that change of cost of care meets the criteria but I cannot…
jwmn
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4
votes
1 answer

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
user28863
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4
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2 answers

Should my mother be an Independent Contractor or my Employee (for tax purposes) as she provides babysitting services to my young children?

My 65-year old mother lives with us in Florida, and she takes care of our two young children while my husband and I are at work. My husband and I pay my mother about $6,000 a year in cash, and we use my mother's SSN as our Child Care Provider on Tax…
Mommy Lorraine FL
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4
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1 answer

Can you claim child care expenses on your tax return in the UK?

Can you claim child care expenses on your tax return in the UK?
user454
3
votes
0 answers

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, Ontario. Nothing had happened with the file that I sent in…
Shallana
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3
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2 answers

Nanny taxes and payroll service

We are employing a nanny for our 6 month old. What service do you recommend for managing taxes and payroll? Is it possible to do on our own? If so, where do we start?
Salomi
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