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Tax Benefits Of Caring For An Aging Relative

“The Dependent Care Credit can be very valuable. It was actually on the potential chopping block as far as the recent tax reform, but it survived,” reports Betterment Head of Tax Eric Bronnenkant. “Let’s say you have two kids, and let’s say your employer offers a dependent-care account, you’re able to contribute up to $5,000 tax-free through your employer and get reimbursed for dependent-care expenses tax-free. And then on top of that, you also get another $200 credit effectively for another $1,000 worth of expenses.”

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This article originally published March 29th, 2019 on MoneyTips