Free 2018 Tax Planning2019-01-05T15:05:52+00:00

Free 2018 Tax Planning

Child care expenses

Taxpayers are allowed a credit for paying for child care. However, the credit allowed is zero when a spouse does not work.

If you have a non working spouse  who often has to get child care to help take care of matters in your business, then consider hiring him/her.

Also, if your spouse works part time outside the home, do an analysis to make sure the income she earns is not putting you above thresholds for claiming tax credits.

Rather than letting your spouse work outside the home, it may be better to hire him/her. In this way, your taxable income is not massively changed by your spouse working.

Here is a comprehensive template to help with the analysis.