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re: A question for the tax experts of the OT
Posted on 1/14/14 at 8:36 am to HoustonGumbeauxGuy
Posted on 1/14/14 at 8:36 am to HoustonGumbeauxGuy
You will likely max out the benefit of child care expenses independent of the behavioral specialist, so there will likely be no tax benefit to reporting the expense as child care. You could claim it as a medical expense, but you can only deduct medical expenses to the extent they exceed 10% of your adjusted gross income. At $360 per week you've got about $8,000 over six months. Adding that to your other out of pocket medical expenses, you may be able to deduct some of the costs.
Posted on 1/14/14 at 9:13 am to Poodlebrain
I make sure to click every single tax thread so I can read your responses. They've taught me a lot about how being a CPA works.
I'm about to take my first exam, FAR, next month!
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