Family School’s Out for the Holidays! 6 Ways to Save On Childcare This Winter Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxBlogTeam Published Dec 11, 2019 3 min read With work, gift hunting, and out-of-town visitors looming over us this holiday season, it can be a scramble to find time to get anything done, especially when your kids are out of school! Before spending all your holiday savings, check out these six ways to save on childcare this winter: Do your research. If you decide that daycare is your best option, make sure to do your research. Some centers are closed on holidays or still charge you even when your child isn’t there! Reach out to your company. Many companies understand the responsibility of a parent, especially during the holidays. If you took advantage of a Dependent Care Flexible Spending Account for childcare you can use your pretax savings to pay for up to $5,000 in daycare. Other companies offer daycare reimbursements or even have onsite daycare. Double up with friends. Do you have friends in the area who also have children? Combine your efforts (and money) and hire a nanny! You’ll pay less for higher quality care, plus your children can remain at a home instead of going to a daycare facility. Most nannies also charge per hour rather than per day, so if you need an hour or two to snag some last-minute presents, they can fill in. Hire a local teenager. Hiring a teenager from your neighborhood is a great way to cut costs on childcare. Not only will they also be out of school for Christmas break, but they don’t charge as much as a nanny or daycare. It’s also a great way for them to gain some work experience, a real win-win! Utilize your family. Not everyone has a parent or family member nearby or in town to visit for the holidays, but if you do, reach out to see if they would mind watching your kids. Even if it’s just for a few days out of the week, that could shave a lot of money off of your childcare budget. Don’t forget the Child and Dependent Care Tax Credit. If your child is under the age of 13, you may be able to get the Child and Dependent Care Tax Credit up to $1,050 for your child and up to $2,100 for two or more if you paid for childcare over the holidays. According to BabyCenter.com, the average cost of full-time daycare costs about $972 a month, so that puts more money back in your pocket at tax time! Don’t worry about knowing how to claim the Child and Dependent Care Credit and other tax credits. TurboTax will ask you simple questions about you and give you the tax deductions and credits you deserve based on your answers. Also, if you have questions while doing your taxes you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average 15 years experience to get your tax questions answered. TurboTax Live CPAs or Enrolled Agents are available year round in English and Spanish and can also review, sign, and file your tax return. Previous Post I Bought a Home Last Year. Do I Get a… Next Post Charity Tax Deductions (What Counts as a Contribution?) Written by TurboTaxBlogTeam More from TurboTaxBlogTeam One response to “School’s Out for the Holidays! 6 Ways to Save On Childcare This Winter” Hallo, Thank you in advance I say. Being impression for I can read one by one article on this website. I am very happy. Because of the knowledge I grew. Success is always for you. Reply Leave a ReplyCancel reply Browse Related Articles Family School’s Out for the Holidays! How Holiday Daycare Ca… Life Tax Benefits for Having Dependents Family Fun in the Sun: Summer Day Camp Expenses May Qualify fo… Tax Tips How to Save a Bundle for Your New Bundle of Joy Tax Deductions and Credits 12 Ways to Save on Taxes Through Life’s Transitions Family How You Can Save Up To $2,100 on Summer Day Camp Tax Deductions and Credits Writing Off Your Summer: Preparing For Next Tax Season Tax News What the Middle Class Tax Credits Could Mean for You Family 4 Tax Benefits If You’re Taking Care of Children … Family Can I Write Off My Grandparent as a Dependent?
Hallo, Thank you in advance I say. Being impression for I can read one by one article on this website. I am very happy. Because of the knowledge I grew. Success is always for you. Reply