9 Ways to Get Huge Tax Credits

2) Take Care of Kids and Family

The Child and Dependent Care Credit is designated for qualifying parents and guardians who have paid for assistance in caring for and watching their children or dependents while they are at work or seeking employment opportunities. The credit relies on the amount paid and the percentage of your wages earned while working that it accounts for. There is a limit of $3,000 that can be claimed for each eligible adult with a child who is under 13 years old during the documented time of care. Eligibility may also be considered if you or your spouse has a mental disability that prevents from proper full time care of the child or has a mental, physical, or emotional incapacity to care for his or her own well being. Hiring a designated provider to take care of your kids and family may seem like a large investment in some instances, but much of those wages can be redeemed by claiming the Child and Dependent Care Credit.