Are You Getting All Your Child Tax Breaks?
(Daily Finance) — Like many people’s, my biggest expense after my mortgage is child care for my two little demons, er, darlings. And just as with my mortgage, I’ve always made sure to take full advantage of the tax breaks available to offset these massive costs. So imagine my chagrin when I realized I’ve missed out on $200 in tax savings each year for the past five years! Yes, thanks to confusing and often misunderstood rules surrounding child-care tax breaks, I’ve overpaid Uncle Sam to the tune of $1,000. Read on to avoid my mistake — unless you happen to enjoy filing mounds of amended returns.