5 Tax Deductions and Credits for Working Moms

If you’re anything like me, being a working mom means your work doesn’t stop at the office. Rather, it continues well after the end of each workday.

Being a working mom can be both rewarding and challenging. You certainly get the satisfaction of being able to provide for the family and meet your career goals. Yet, with this satisfaction comes the challenge of balancing your work schedule and spending time with the family. And although you are able to help provide for the family, commuting expenses you incur to go to work every day or costs of daycare can really add up quickly.

Thankfully, the IRS has some tax deductions and credits that may help offset some of your costs at tax time and benefit you as a working mom.

Here are five of them:

Child and Dependent Care Credit

If you have children under the age of 13, you may be able to claim a tax credit if you pay someone to care for them while you are at work or looking for work. Depending on your income, that could save you up to $1,050 for one child or $2,100 for two or more. You’ll also be glad to know that summer day camps may qualify.

Earned Income Tax Credit

The IRS gives you a special credit just for going to work, which can be worth up to $7,830 for 2024. How much of the Earned Income Tax Credit you can earn and qualify for depends on your income, filing status, and how many dependent children you have. For 2024, if you have three or more children, you can earn up to $ 66,819 if you file jointly and $59,899 if you file single or head of household. With two children, that limit drops to $62,688 if you file jointly and $55,768 if you file single or head of household. If you have one child your income can’t top $56,004 and $49,084 if you file single or head of household. Lastly, income cannot be above $25,511 if you are married filing jointly with no children, with $18,591 being the maximum income if you file single or head of household. 

Travel Expenses for Work Conferences and Events

As a career woman, you are probably constantly working to improve your skills or expand your professional network. If you are self-employed and traveled for seminars or conferences, you may be able to deduct your travel expenses as long as your travel is ordinary and necessary and has a valid business purpose.

Moving Expenses

The majority of taxpayers cannot deduct moving expenses resulting from their careers due to the 2017 Tax Cut and Jobs Act, which remains in effect until tax year 2025. However, you might qualify for a deduction if you serve in the active military. To be deductible, your move must result from a military order and permanent change of station. You can deduct your unreimbursed moving expenses for you, your spouse, and your dependents. 

Office Expenses

So many working moms are starting their own businesses and maintaining a home office, enabling them to have the luxury of working at home so they can be closer to the kids and have a flexible schedule. If you have a home office, you may be able to deduct a portion of your household expenses based on the amount of space your home office takes. You also may be able to deduct your equipment, furniture, and supplies within your home office.

These are just some of the tax breaks TurboTax checks for to help you keep more money for the family. No matter what moves you made last year, TurboTax will make them count on your taxes. Whether you want to do your taxes yourself or have a TurboTax expert file for you, we’ll make sure you get every dollar you deserve and your biggest possible refund – guaranteed.