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Child and Dependent Care Credit

Definition

A tax credit that helps offset the cost of daycare or other care services for children or dependents so you can work or look for work.

What to consider

  • Gather all receipts and documents related to care expenses.
  • Understand the limits to maximize the credit when filing taxes.
  • Include it in your annual budgeting to ease costs.

Real world scenarios

  • Working full-time, Nina claims this credit for daycare fees, reducing her overall tax owed significantly.
  • Mark carefully collects receipts for after-school programs to maximize his child care credit.
  • A tax preparer advises Daria on which of her dependent care expenses qualify, optimizing her refund.

Related terms

Form 1040
Capital Loss
Tax Return
Tax Filing Deadline
Withholding Allowance

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