Going Virtual: The future of child care during COVID-19?
Child care during COVID-19 has been one of the most discussed topics after the pandemic itself, alongside shifting work environments and how companies and the economy are responding. Many parents are expecting to go back to work in offices, albeit a limited number of days a week in some cases, when the last quarter of […]
Your Dependent Care FSA: Babysitter Hiring Options
During a time when schools, daycare facilities, and summer camps may be up in the air, you may be looking for alternative means of childcare. What about Dependent Care FSA babysitter hiring? Is it allowed? What do you need to know? Before we get into that, a quick tip for those whose need for child […]
Managing your kids & health during social distancing
Life since COVID-19 has introduced shifts in how Americans approach home, work and health. While some of those areas have slowed down, others are even more active than usual. Here are three ways to manage kids, health and finances in the middle of social distancing. Managing kids at home With schools all over the country […]
Child care costs are skyrocketing. This account saves your employees money
If you offer a Dependent Care Flexible Spending Account, (DCFSA) you know it can provide a lot of really great child care benefits. And you probably also know that the limits on the account have been stuck at $5,000 for those married and filling jointly, or $2,500 for single taxpayers. But why? Given the fact […]
What about adult dependent care expenses?
A Dependent Care account allows you to set aside $5,000 on a pre-tax basis to pay for eligible dependent care expenses for a qualified individual. The next two questions are: what expenses are eligible and who is a “qualified individual”? What expenses are eligible? There are many expenses that can be considered eligible. For adult […]
Dependent FSA: Myth vs. Fact
Flexible Spending Accounts are one of the most popular tax-advantaged accounts employees choose during open enrollment. One of the main draws of these accounts is the broad range of products and services they can be used to pay for. First, you might list all the medical items and procedures you can pay with an FSA. […]
Growing your family through adoption: How pre-tax benefits can help!
Let’s start by saying congratulations on your growing family! Families grow for different reasons, but about 135,000 children join their forever families through adoption each year in the United States. However, adoption can be an expensive decision. According to a November 2018 article from SHRM “Adopting a child from foster care may cost about $2,500, domestic private adoptions can […]
School’s out! Now what? Summer child care tips
It can be a bit of a struggle to figure out what to do with your kids once they’re home for the summer. Dependent Care Account to the rescue! No more pencils, no more books No more teacher’s dirty looks… -School’s Out, Alice Cooper If you have a Dependent Care Account, you may be able […]
A Dependent Care FSA or the child and dependent care tax credit?
If you have children, you know that the price of raising them and giving them the best life adds up quickly. However, there are ways you can save on certain expenses. Two of the most common options are a Dependent Care FSA or the child care tax credit. To decide which one to use, it’s […]
Are you using your Dependent Care Account the right way?
The purpose of a Dependent Care Account is frequently misunderstood. People often think it is a separate allowance for their children’s medical expenses. However, children’s medical expenses are covered under a Medical FSA. We wrote a previous article outlining the differences between Dependent Care FSAs and General Medical FSAs. To clear up some of the […]
