Childcare Expenses: Myself
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FSA Account for Daycare Expenses
Asked by M.C. from Houston
on September 29, 2009
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I'm interested in beginning a FSA account to cover childcare expenses but am not entirely sure how it works. If anyone out there uses one and can provide an overview ...
Answers
- The benefits of a FSA account is to reduce your taxable income. However, you're allowed to claim child care expenses in your tax reporting at the end of the year. I gu...
- I havn't read your other responses so you might already have this. FSA is a great program but it does have a downfall. The way it works is you agree to contribute so...
- Hi M., FSA account is a great program. I used it the entire time my children were in daycare and daycamp. They are 8 and 9 years old now :( How the program works is, y...
What Would You Pay for Childcare?
Asked by T.L. from Phoenix
on May 10, 2010
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Hello,
I was hoping to watch a few kids this summer (about my sons age) 5 or up.....
My house with a pool/would take them to fun events, summer activities, watch t...
Answers
- I have a friend that takes care of kids during the summer... be very careful and check the local laws regarding operating child care from your home, and also the homeo...
- I don't live in the valley any more but that sounds a little high. Full-time childcare for one under 5 is only about $25 a day. I would think $20-30 a day would be f...
- Are you feeding them snacks and lunch? Are you covering the art supplies, gasoline and event costs? Do you have booster seats? You might need to work up a forecast ...
How Much to Pay Childcare Provider
Asked by S.H. from Chicago
on January 2, 2007
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I am trying to find information on how much to pay my child care provider. My son is 6 months old and will be starting at a woman's home in a couple weeks. She has n...
Answers
- I am surprised she isn't setting the rate for you. When my son was an infant and I checked into daycare centers, they were charging between 190-250 a week 3 years...
- My son goes to an at home non-licensed day care 4 days a week. We pay a flate rate of $25 per day. If he misses one day we still pay her the full week rate, but if he ...
- Hi S., We would pay $278 a week for an infant at our center. I did look at an in-home place and the charge was about $200 a week. My friend in Schaumburg pays $15...
Seeking Info/advice on Flexible Spending Acct. for Childcare Expenses
Asked by K.O. from Dallas
on November 12, 2007
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Hello,
Since I just started back to work recently and we have our little one in daycare, my husband and I are contemplating enrolling in the Flexible Spending Acct....
Answers
- If you spend a lot on childcare then the FSA will probably be better than using the tax credit. The way you can figure out how much you'll save is by crunching the nu...
- I guess it depends how much you spend on childcare. I max out our flexible spending account (which is $5000, I think) and that is money that is not taxed. On my fede...
- Hi K., I asked our tax guy the same question! It's the same as claiming it on your taxes at the end of the year. Of course, it may be different if you're in a diffe...
Money Issues
Asked by T.F. from Los Angeles
on March 30, 2010
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Hello Mammas,
Just wondering how all you SAHM's handle not really "having" your own money. I am having a hard time accepting the fact that I always have to ask my h...
Answers
- Several have recommended Dave Ramsey - I haven't done his program, but I've heard him speak, and he's great. It is very important that you make time together to sit...
- Thanks for posting this. Im kind of in the same situation. I quit working as a teacher this year in order to be a stay at home mom. My husband shares a lot of quali...
- I am a SAHM, and I handle all of our finances. I tell my husband that that is part of my job as "manager" of the family. He works all week, so I pay our bills, budget ...
Childcare Expenses and Taxes
Asked by N.K. from Chicago
on August 11, 2007
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When I return to work this fall (I'm a teacher) my 6 month old son will be staying in our home with a babysitter. I "assumed" that the money we will be paying the baby...
Answers
- N., My husband is a teacher and I am starting up my own in-house daycare as we speak. I know that the money is tax deductible, yes! You have to keep track of what you...
- I'm a teacher and we are able to do the childcare/flex spending option in our district.
- With having a nanny in your home, it IS typically a lot more costly and complicated (besides his being able to stay at home daily :) ) than taking him to a center or ...
Doing My Taxes - Qualified Childcare Expenses
Asked by T.K. from Dallas
on January 4, 2012
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I am filling out my return and hit a bit of a wall. I changed child care providers this year. The in-home lady that has always kept my children was fine with me repo...
Answers
- Seems obvious to me. She doesn't claim the income. You can't claim the expense. There is no alternative way of claiming the expense. If there were it would be in t...
- If she's cheap and a great provider, I guess you have to eat the deduction.
- So,I am guessing here she has no EIN #.Do you get receipts from her,you can use those. Also,I agree with Gamma G. You just do the right thing for you and your hous...
For Those Moms Who Gave up a Career to Stay Home... or Thought About It
Asked by D.M. from Denver
on October 28, 2010
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So so torn... IF it were possible to give up my job - which I love, which pays over 100K per year.. which is flexible with my schedule (other than occaional overnigh...
Answers
- Hi D.M. There are all kinds of women in the world. Some are more suited to work outside the home and some are blessed with the patience and temperment to be SAHM. I t...
- If you love your job, keep working. Your kids will see a mom who does something that makes her happy AND still thinks that the sun rises and sets on them. And, hon...
- I struggle with this question almost every day so I'm glad you asked and I get to see the answers. Of course, there was no "right" answer. But I have to say if I wer...
Hubby Miserable in Chosen Career...
Asked by M.A. from New York
on October 17, 2011
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Hey Mama's.... I need some help/advise here.. Major issue.. Hubs is miserable in his chosen profession.. I'm a stay at home mom of 4 (8 year old daughter, 7 year old s...
Answers
- I will just mention that your DH may very well end up with a real medical problem if he keeps doing work that he hates. How many middle aged men end up having heart a...
- I don't think that anyone should be working a job day in and day out that makes them miserable. And if you keep putting money and having a nice lifestyle over his happ...
- I worked in a job I hated for 23 years so I could take care of my family financially. I liked the job for the first year or so then wished I had a different job. A...
Money & Marriage
Asked by H.V. from Cleveland
on March 31, 2011
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How is Money handled in your marriage?
Do you agree with the statement "I make the money, I make the rules"
I'm just curious as to what goes on with money in other p...
Answers
- Hubby makes the money, I only work PT and bring in very little money. I am responsible for paying all the bills. We have a joint account and both have access to the $...
- The majority of our income comes from my husband. He pays the bills, and each month I tell him how much I need to shop...and that's how much he gives me. If I add 20...
- We both bring home income, we have separate bank accounts, and we split the bills proportional to our respective incomes.
