First Five Years Fund’s Post

Thank you First Five Years Fund for putting together this helpful reference. "American families depend on affordable, reliable, quality child care to go to work – but this care is often hard to find and too costly. When combined with federal investments in early learning and care programs, updating provisions of the United States tax code would help strengthen child care in the United States. Working together and alongside the Child Tax Credit (CTC), these tax provisions represent critical tools for both improving access to care for working families and supporting employers who share child care expenses with their employees." https://lnkd.in/esGWrWnS

Are you a single parent overwhelmed by financial responsibilities and high taxes? Managing finances on a single income can be tough, but effective tax planning can reduce your tax burden and maximize your savings. Single parents have unique opportunities to optimize their tax situation. Here are essential strategies to consider: Child Care Expense Deduction: Claim childcare expenses to allow you to work or attend school. This includes costs for daycare, babysitters, and after-school programs. Keep detailed receipts and records to substantiate these claims. Eligible Dependent Credit: If you are the primary caregiver, you may qualify for the eligible dependent credit. This credit can reduce your taxable income and provide significant tax savings. Want to read more on this?! Just Hit the Link Below!!! Do you also want to get more useful information like this, You can sign up right here - https://lnkd.in/gBuVfQ-Z to join our mailing list. #SingleParentFinances #TaxPlanning #ChildCareDeduction #EligibleDependentCredit #CanadaChildBenefit #TaxSavings #FinancialPlanning #SingleIncomeChallenges #TaxTips #yyc #calgary #2024taxes #dexteritas #dotunayodele https://lnkd.in/ge8ADRqN

PennLive story provides details on the ID/A Budget reflecting the House Appropriations Committee Report, expressing the Legislative Intent of the General Assembly. As described in the attached story, and the House Appropriations Committee Report, when these dollars are matched with Federal Matching dollars (FFP), the Administration will have the required funds to implement the 12% rate increase published by the The Pennsylvania Department of Human Services on April 20, 2024, consistent with DHS/ODP rate setting regulations: 6100.671 C3. "Medicaid rates for autism: One of the biggest single line-item boosts is a $261 million increase to the Medicaid community waiver program that supports intellectual disabilities, bringing the state general fund total to $2.55 billion; the total outlay more than doubles with federal matching funds. The increase is intended to hike the Medicaid reimbursement rates paid to community-based providers that help Pennsylvanians with autism and similar developmental disabilities. Those agencies, and disabled Pennsylvanians, have warned the system is gradually collapsing due to low pay and limited staffing brought on by underpayment by the state".

This sounds great in theory. But, I know I have personally worked at companies that are considered good jobs for “unskilled” workers. Plenty of them have a day care or two they have a “direct agreement” with for a discount on daycare. It is usually something insulting in proportion to the actual monthly cost. I do not know of a lot of companies in Washington state that give money directly to their employees to cover the cost of childcare within the realm of Middle to low wage families. The focus of this being on how to give tax credits to companies that offer this. And not on how can we create a tax code that empowers small businesses to take better steps to ensure their employees can have proper childcare. What I want to know, and I understand this House Bill realistically is just a fact finding process, are: - how many people do they expect to be positively impacted? -Why is the increase for childcare cost only 15% for businesses in Washington state? - Who are the companies who are currently giving money directly to their employees for the cost of childcare? - Such a low number means as long as the bigger corporations take part it can still pass, but who will cover the cost of these corporations getting more tax cuts? -Everytime they give tax cuts like this, Big corporations come in, show you all the “good” they do. And then the cost for these things to happen is offset to the rest of the residents of Washington. Washington state already has some of the most regressive taxes on working class people in the state. -How will this type of credit system Impact the cost of childcare across the state? -How will they ensure companies don’t start giving their employees chump change in relation to their childcare cost, but on the back end they are pulling in big profit margins because across a couple thousand employees a $50/ paycheck credit adds up, but it appears only to benefit the companies? -How will this ensure that money stays in Washington state and within our local economy? This bill even being put forward seems like a very similar tactic we have seen with housing, and with the healthcare crisis… Before anything will be actually done our state members go into office with the soul purpose of how to support their biggest donors. But they don’t think about the constituents who will have to take on the financial burden of these companies using another tax write off to financially strangle the locals.

💰✨ Save Big on Child and Dependent Care! ✨💰 Did you know you can claim up to 35% of qualifying expenses for the care of a child under 13 or a disabled dependent? Here’s how you can maximize your savings: 1️⃣ Eligible Expenses: From daycare and preschool to summer camps and after-school programs, many of your care costs can qualify! 2️⃣ Significant Savings: Depending on your income, you could save up to $3,000 for one dependent or $6,000 for two or more! 3️⃣ Tax Benefits: This credit can reduce your tax bill, leaving you with more money for your family's needs and future plans. Start planning today and make the most of your care expenses! 💡👶👩🦽 📞 Contact us today at (949) 679-6073 or visit our website at www.a2ztaxfinancials.com Follow - A2Z Tax & Financials, Inc. #TaxTips #Savings #FamilyCare #SmartFinance #FinancialPlanning #ParentingHacks #MoneyMatters #TaxCredits #FamilySavings #WorkingParents #BudgetingTips #FinanceGoals #SmartParents #TaxSeason #Dependents

🚨 Attention Child Care Providers! 🚨 Do you have multiple Schedule Cs in your tax return? 📑 In our latest video, we explore the impact of multiple Schedule Cs in child care provider taxes. While sometimes justified, it may pose audit risks. Watch to stay informed and protect your finances! 💼💡 #TaxTips #ChildCare #FinanceSmart

Here are the First Five Things to know about the new bipartisan child care legislation from Senators Tim Kaine (D-VA) and Katie Britt (R-AL). Click here for everything you need to know about their plan to update tax provisions for working families. https://lnkd.in/ey-NEVSS

From economic development to #childcare, here’s what local #government officials and community leaders should know about the new laws from Indiana’s 2024 legislative session. #Government #IndianaLegislation #Accounting #CPA

Kids aren’t in daycare anymore? The Dependent Care FSA can also be used to pay for before/after school programs and day camps! Contributions to the DCFSA reduce taxable income. If someone in the 22% marginal tax bracket contributes the full $5,000 annual maximum, they’ll save $1,100 in federal income taxes, $382.50 in payroll taxes, and potentially some state income tax as well.

When it comes to child care policy, there's more going on in D.C. than just the possible Child Tax Credit expansion — but parents need to know what's on the table in order to take action. Bryan Jamele, Head of Government Affairs and Public Policy at Care, shares his expert take on all current bill proposals for child care, existing child care initiatives, and how we move from talk to action on the latest from Leading with Care: https://lnkd.in/gidy54S3