At tax time many parents are preparing their forms for 2014. However, you may be one of many considering the cost of enrolling your child in a preschool school that is Montessori-based. Once you have settled on the lifetime advantages offered by an authentic Montessori school for your child’s education here is a way to make it more affordable.
There is a wonderful tax benefit
called the Child and Dependent Care Credit that as a parent you may definitely
qualify for if you met certain IRS specified requirements.
The first step toward
qualification is that a child attending preschool must be a qualifying child.
This means your child must be your dependent on your taxes and secondly, your
filing status should be married, single, head of household, or even qualifying
widow(er) with a dependent child.
The dependent care credit is
available for your child’s preschool
expenses if you have been looking
for work or are employed. Stay-at-home parents are not eligible. If
both you and your spouse file jointly both of you should have earned income in
order to take the credit. However there is one caveat to this rule. If
either of you were disabled or were a full-time student and could not take care
of the child, then you may be eligible to claim the credit.
private school tax deductible vs. credit:
According to IRS regulations you
cannot directly deduct the cost of your child’s private preschool tuition and
related expenses; however you could qualify for the child and dependent care
credit. The credit does have certain monetary limitations. There is a
$3,000 limit for one qualifying child and a $6,000 limit for two or more
In order to determine whether your
income qualifies for the tax credits obtain IRS Form
2441 Child and Dependent Care Expenses. If you individually or jointly
earn less than $15,000 annually then you are allowed to claim 35 percent of the
allowable expenses for preschool. Once you reach $43,000 you can only take 20
percent of the allowable expenses.
Take the opportunity to schedule
a tour of the Day Star Montessori
Children's Learning Center and get your child off to the best
educational opportunity available to experience the thrill of intellectual,
creative, and social pursuits in learning.