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Child daycare account With take care, employees save 25% to 40% on the cost of daycare for children. Employees set aside pre-tax payroll deductions in the account to budget for the daycare expenses of a dependent child under age 13. Qualified expenses include nannies, babysitters, housekeepers, nurse's fees, and registration fees to a daycare facility. The cost of pre-K or nursery school, before and after school care, and day camp also qualify. To qualify, expenses paid for daycare must allow an employee or the employee's spouse (if they are married) to work or look for employment. The IRS also offers employees the option of saving for daycare with a credit that the employee can take on Form 1040. Click here to compare the credit with take care. |
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