Tax Savings Opportunities and Incentives
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Congress has legislated certain tax credits and savings incentives focused on relieving the cost of child care for eligible taxpayers that may provide additional savings for you.
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The Child and Dependent Care Tax Credit is a federal tax credit available for eligible taxpayers to assist in reducing your year-end tax liability.
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The Child Tax Credit program may reduce the Federal tax you owe for each qualifying child under the age of 17.
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A Dependent Care Flexible Spending Account (FSA) may be provided by your employer to allow you to set aside pre-tax dollars for child care costs.
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Various states provide additional incentives for qualified taxpayers.