Despite the claim that all child care is tax-deductible, you may not claim 100 percent of your child care expenses. The Child Care Credit was intended to relieve some of the tax burden to assist people with lower incomes in providing for their families. You may deduct up to 35 percent of...
You may also be able to deduct the cost of in-home services as a medical expense. But, the expenses must exceed 7.5% of your adjusted gross income. Beyond the tax implications, you need to check whether your homeowners insurance policy will cover the caregiver if an injury occurs. And if...