Many families are overwhelmed by the cost of child care in Newtown.
Child care isn’t cheap, and no family wants to skimp on child care costs because we all want the best for our kids! You will be glad to know that there are actually many things you can do to save more on child care. In our last blog, we went over the first few ways you can save. The following is a list from our day care professionals of a couple more things you can do to save on child care:
#4. Take advantage of a Flexible Spending Account (FSA).
Does your work offer an FSA? If so, it’s time to sign up! With an FSA, you can set aside up to $5,000 before tax, every single year for child care. Your FSA can cover preschool, day care and a portion of summer camp (as long as it isn’t overnight). Keep in mind that you need to make a budget first, so that you set aside only what you need, otherwise your additional funds will be forfeited at the end of the year.
#5. Use the Child Care Tax Credit.
You can use the Child Care Tax Credit for up to $3,000 of your qualifying child care expenses for each child (up to $6,000 per family). Although most people who don’t have an FSA take advantage of the Child Care Tax Credit, you can do both. The only catch is, if you put the full $5,000 in your FSA and you have 2 kids, you can only get a tax credit on up to $1,000 in qualifying child care expenses.
Day care can be expensive, but there are many ways to save! Contact us today to talk to us about enrolling your child in Child’s World Academy!