Resources For Easing The Costs of Tuition
A tax credit is even more valuable to families than a tax deduction! It’s a dollar-for-dollar reduction in the taxes you owe. Some credits are refundable—reducing taxes otherwise owed to zero and paying a refund.
NEW Federal Tax Benefits:
The American Rescue Plan Act of 2021 enhanced the benefits of families with children and child care specifically. The details of the new benefits can be hard to understand, so we’re here to break it down.
Under current federal law, eligible families can claim 2021 child care tax credits up to the following maximum amounts:
There are rules for these federal tax credits, so please speak to your tax advisor about how they apply to your family. In the meantime, this child care tax credits calculator is a quick tool for a broad estimate.
Texas Workforce Commission has a program for assisting families with childcare costs. You can visit www.dfwjobs.com to find out more information and see if you qualify.
Once you are on the website, click on the “Child Care” Tab. Then click “Parent”. There you will be able to find out more information regarding services you may qualify for.