If you’re a mom, launching a new business and have a lot to learn about taxes, then this guide is for you. We’ve come up some helpful tips to get you started, and to help you save time and money. After all, that first stretch when you’re trying to get a business up and running, while balancing childcare and finances is pretty tricky. After doing some research, here’s what we’ve got:
– See if you are eligible for a child and dependent care tax credit. Those expensive childcare fees might be working for you better than you think.
– Typing away from your small little nook may be a bigger deal and a bigger tax break than you think. Make sure to list any expenses that you might think are notable (because they probably are). This includes mortgage interest, utilities, phone and internet.
– If you are on a spouse’s insurance plan, see if they have a flexible spending account option available. You can pay for daycare or other qualified childcare expenses of up to $5,000 of pretax dollars.
– If you are self-employed and need to get your own health insurance, look into a health savings account.