Tax Time: Facts About The Child Care Tax Credit

As tax day approaches, you may be looking for ways to maximize your tax deductions. If your children attended daycare or you hired a babysitter, you may be able to reduce your taxes this year by claiming the credit for child and dependent care expenses.  The expenses you paid must be for the care of one or more qualified children under the age of 13 and both you and your spouse must have earned an income (unless one spouse was a full-time student or was physically or mentally incapable of self-care).

Read the top ten tips about this tax credit at Strollerderby's blog or visit the IRS Website for more detailed information.  

Photo by Phillip.

Teaching Kids To Save

No doubt about it, our country is facing tough times. Every day seems to bring more bad news about our economy and what the future holds. As we tighten up our budgets, we can also teach our children how to become a little more frugal. 

In our house, we aren't afraid to simply say no when asked for the umpteenth time "can I have (fill in the blank)." We also look for bargains instead of buying things at full price and we love resale stores! Our daughter seems to grow about two inches every month, so bargain shopping certainly helps us stick to a budget.  Personally, I enjoy shopping at our local children's thrift store. I always seem to find an armload of the cutest clothes for no more than $40 (plus a stray Barbie). And it seems we aren't the only family who think it's pretty "cool" to be frugal.

Photo by Ken Wilcox