It’s here…April 17th!! Dreaded Tax Day for many Americans.
TLC For Kids just wanted to share a few tips when it comes to the Nanny Tax. If you hired a nanny for your dependent child in 2011 you might qualify for the Child or Dependent Care Tax Credit. Examples of a qualifying expense are wages paid to a nanny, taxes paid on the wage and placement fees paid to an agency who helped you find your nanny.
In order to qualify for the tax credit your child needs to be under the age of 13, and the care was needed so that you and your spouse could go to work. You also qualify if you needed care to look for work or go to school.
These expenses must be itemized on your tax form.
For more nanny tax tips please visit Breedlove and Associates.