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The cost of raising a child is elevating every day. Paying for baseball leagues, dance lessons, day care, clothing, food and school supplies can add up to be a large sum of money. On the other hand, if you are caring for a parent, a spouse or any other dependent that are physically or mentally incapable of caring for themselves can also add up to be a large sum of money. If you are in either one of these categories, the IRS has a child and dependent care tax break for you to save money on your income tax.

Consolidate Student Loans According to the IRS website, this credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13. The credit is also available if you paid for care of a spouse or a dependent of any age that is physically or mentally incapable of self care. "Many people do not know on how many different ways they can save money on their taxes," said Jayson French, a tax practitioner for Palm Beach Tax Center. "Child and Dependent Care Credit can be very helpful for parents that have to pay for daycare and other work related expenditures."

In addition, federal income tax laws provide benefits for legal household employers through Dependent Care Accounts and the Tax Credit for Child or Dependent Care. Many companies allow employees with children to contribute up to $5, 000 of their pretax earnings to an individual Dependent Care Account, which is then used to cover dependent care expenses. Families that do not have access to a Dependent Care Account can take a tax credit of 20%-30% of qualifying childcare expenses, up to a specified maximum amount.

Home Equity Loans The tax credit is a percentage, based on your gross income will cover work related child and dependent expenses. For example, if your child needs after-school care because you work until 6 p.m., you will fit in this category.

Tax Help at Complete Tax. Your source for tax deductions, irs tax help, child tax credits and tax credits

Home Equity Loan Rates Conditions that apply:

Form 2441, Child and Dependent Care Expenses To claim the credit for child and dependent care expenses, you need to fill out Parts I and II of IRS Form 2441, Child and Dependent Care Expenses, if you're filing IRS Form 1040. This form requires you to provide identification information for both the care provider(s) and the qualifying children or disabled persons. The form helps you to compute your credit by comparing your allowable expenses with your wages and other earnings (and those of your spouse, if married). Your credit amount as shown on Line 13 of the 2441 is carried to Line 47 of your Form 1040, where it will be directly subtracted from the taxes you owe.

Homeowner Loans - You must have earned income from wages, salaries, and tips or other taxable employee compensation, or net earnings from self-employment. If you are married, both you and your spouse must have earned income, unless one spouse was either a full-time student or was physically or mentally incapable of self-care.

If you have children, especially during tax time. If you have dependent children, you may be able to claim a federal income tax child credit that is set at $1, 000 per qualifying child in 2003 and 2004. Thanks to legislation enacted in 2003, taxpayers who claimed a $600 per child tax credit on their 2002 returns should have received a $400 per child advance of the increased $1, 000 per child credit tax law amount during the summer of 2003.

Equity Loan Rates - The payments for care cannot be paid to someone you can claim as your dependent on your return or to your child who is under age 19.

Student Consolidation Loans - Your filing status must be single, head of household, qualifying widow(er) with a dependent child, or married filing jointly.

Second Mortgages - The care must have been provided for one or more qualifying persons identified on the form you use to claim the credit.

Federal Consolidation Loan - You (and, if you are married, your spouse) must maintain a home that you live in with the qualifying child or dependent.

Equity Loan For more information, go to http://www.irs.gov/newsroom/article/0,,id=106189,00.html

Refinancing With Bad Credit Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. ("DMCC"), a 501c(3) non-profit charitable organization located in Boca Raton, Florida. Pete graduated from Florida Atlantic University with a BA in Multimedia Journalism and is an experienced web producer for Tribune Interactive products Sun-Sentinel.com and SouthFlorida.com. DMCC provides free financial education, personal budget counseling, and debt management plans to consumers across the United States. Debt management plans offered by DMCC help consumers relieve the stress of excessive debt by reducing credit card interest rates, consolidating and lowering monthly payments, and stopping collection calls and late fees. DMCC financial counselors can be reached for free education materials, budget counseling and debt management plan quotes by calling 800-863-9011 or by visiting www.dmcccorp.org. Pete Glocker can be reached by email at pete@dmcccorp.org.

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Pete Glocker is employed in the Education and Charitable Services Department at Debt Management Credit Counseling Corp. ("DMCC"), a 501c(3) non-profit charitable organization located in Boca Raton, Florida. Pete graduated from Florida Atlantic University with a BA in Multimedia Journalism and is an experienced web producer for Tribune Interactive products Sun-Sentinel.com and SouthFlorida.com. DMCC provides free financial education, personal budget counseling, and debt management plans to consumers across the United States. Debt management plans offered by DMCC help consumers relieve the stress of excessive debt by reducing credit card interest rates, consolidating and lowering monthly payments, and stopping collection calls and late fees. DMCC financial counselors can be reached for free education materials, budget counseling and debt management plan quotes by calling 800-863-9011 or by visiting www.dmcccorp.org. Pete Glocker can be reached by email at pete@dmcccorp.org.

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