Related Posts
Is VWINX a good fund to buy ?
37 / 13 years / 215K / PDX
More Posts
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Is VWINX a good fund to buy ?
37 / 13 years / 215K / PDX
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site

Scan your QR code to download
Fishbowl app on your mobile

Not a thing. You're getting 5k pre tax and a $200 credit. That's it.
You need a new tax professional
D1, who needs the new tax professional? OP or BCG1? I would love to know if there is a better way to handle taxes with childcare. I paid $34k for a nanny last year (including $4.5k of SS and Medicare), but there doesn't seem to be much of a tax break from that.
Yeah that’s my frustration. We spent $65k and all we got was the $5k dependent care FSA and $200 credit
There is the 5000 fsa piece that helps to lower your taxable income but there should also be a way to deduct the expense spent on childcare. I don’t know exactly what it’s called or how to do it. My tax professional (she’s what’s called an enrolled agent) does it. I went to see her yesterday for my taxes.
My child care expense was only 8400 but she was able to claim the amount and it raised the refund about 1200.
I’m sure there is some kind of salary restriction at a certain point but I don’t know what it is.
My wife and I used to do taxes ourselves. Then I started seeing the person that my family has used for about 25 years. After our first trip to see her, we went back and amended all of our returns. She found all kinds of stuff that we weren’t taking advantage of. One of the best decisions we’ve ever made - 225 per return is well worth the upside
OP - why should childcare be deductible? Just because it's expensive? That makes no sense.
Why are education expenses deductible?
Paying for my kids education. 🤷♂️