08 Mar TAX CREDIT FOR DAY CARE OF DEPENDENT
If you have a dependent (i.e., a young child, an elderly parent or a disabled child) who lives with you more than one-half the year and who cannot be left alone, you might be entitled to a tax credit.
Although you can no longer claim a parent as a dependent, you can still be able to take a tax credit if you provide more than half of a relative’s (such as an elderly parent’s) support (i.e., medical and dental care, transportation, food, clothing, lodging, etc.) for the year. If you pay more than ten percent (10%) of your parent’s annual support and with others (such as your siblings) collectively contribute to more than half of your parent’s support, you still may be entitled to the tax credit.
The tax credit for care of children is available for those under 13 years of age. Others who are mentally or physically unable to care for themselves are also an example for whom working caregivers may receive a tax credit for the day care.
Tax season is upon us, consider all the tax breaks to which you might be entitled.
If interested in learning more, consider attending our next free “Estate Planning Essentials” Workshop on either Saturday, March 16, 2019 at 10:00 a.m. or on Thursday, April 4, 2019 at 1:00 p.m. by calling us at (214) 720-0102 or signing up online at www.dallaselderlawyer.com or by clicking here.