A dependent care Flexible Spending Account (FSA) allows you to save pretax dollars and can lower your taxable income to support a dependent child or adult.
Depending on your relationship to the person who qualifies you to claim the credit, you might think of it as the “Child Care Tax Credit” or the “Dependent Care Tax Credit,” but it may be helpful to know the official name is the “Child and Dependent Care Credit.” ...
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Before setting up a dependent care FSA, compare its potential tax benefits with the child and dependent caretax credit. FSAs typically operate with a “use it or lose it” policy, meaning that you must use all of the money you deposited into the account for qualified expenses by the end ...