Search Results for: revenue requirements

Too many parents don’t claim their full tax deductions for babysitting and related childcare expenses, according to Kiplinger. In some cases, at least one parent can cut their tax liability by hundreds of dollars. However, the Internal Revenue Service requires that interested parents not only practice careful record keeping in order to qualify for such deductions but also mandates that only certain types of childcare can be deducted for tax purposes. Learning the basic qualifications associated with dependent care tax deductions might save you money as well as unnecessary tax-related drama.