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Your child’s care is a huge priority for you, and you want to know they’re getting the best in early education. There are programs available to you to help offset the costs of tuition, and we’ve gathered information for you to learn about them.
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.Â
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.Â
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.
State Tax Benefits:
Each state offers different tax credits to offset the cost of child care. See what benefits might be available to you in Ohio.
If your family needs help with tuition, there are state and local agencies to provide tuition subsidies. This map is a great starting point for finding the financial assistance resources available.
The state of Ohio’s Department of Children and Youth offers a wide-range of support options for families. Click here to learn more.
More and more employers add child care benefits to their employee compensation packages because it’s hard to do your job without reliable child care!
Talk with your employer or your HR department about whether they offer child care benefits and how to use them.
As part of our team, you may be eligible for other discounts or tuition credits. Talk with your HR manager about what’s currently available to you.
