We Are Proud To Have Resources Available To Offset Your Tuition Costs
Child care tax credits, subsidy programs & employer benefits could help lower your tuition costs.
We understand that child care is a top priority for you, and you want to be sure your little one is receiving the best start in their early education. There are options and programs available to help you offset your child’s tuition costs, and we’ve made it easy to learn about them!
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Childcare Tax Credits
A tax credit is even more valuable to families than a tax deduction! It’s a dollar-for-dollar reduction in the taxes you owe. Some credits are refundable—reducing taxes otherwise owed to zero and paying a refund.
New Federal Tax Benefits:
The American Rescue Plan Act of 2021 enhanced the benefits for families with children and child care specifically. The details of the new benefits can be hard to understand, so we’re here to break them down.
Under current federal law, eligible families can claim 2021 child care tax credits up to the following maximum amounts:
- $8,000 from the federal Child and Dependent Care Tax Credit (up to $4,000 for each of your first two children). For 2021, this is a refundable credit.
- $6,728 from the federal Earned Income Tax Credit.
- $3,600 per child under six (as of December 31, 2021) and $3,000 for children 17 or younger (as of - December 31, 2021) from the federal Child Tax Credit (these amounts were permanently enacted into the law).
There are rules for these federal tax credits, so please speak to your tax advisor about how they apply to your family. In the meantime, this child care tax credits calculator is a quick tool for a broad estimate.
State Tax Benefits:
Each state offers different tax credits to offset the cost of child care. See what benefits might be available to you in Tennessee.
Child Care Subsidy Programs
If your family needs help with tuition, there are state and local agencies to provide tuition subsidies. This map is a great starting point for finding the financial assistance resources available.
We proudly support families using Tennessee’s voucher program. Click here to see if you qualify.
Child Care As An Employment Benefit
If your family needs help with tuition, there are state and local agencies to provide tuition subsidies. This map is a great starting point for finding the financial assistance resources available.
We proudly support families using Tennessee’s voucher program. Click here to see if you qualify.
For More Information About Making Child Care Costs Easier, Please Call Us Or Stop In For A Chat. We’re Happy To Help You Find Additional Resources.
