When inflation rises, child care expenses do, too. If you’re a parent, you may be hoping to get a little financial relief during the upcoming tax season through deductions or credits. But since there have been recent reductions to both of the child tax credits, you may not get as much back as you anticipated.
If you’re like me, you could end up paying the IRS instead of getting a refund from Uncle Sam. To help your money go further in 2023, you may want to reevaluate some of your recurring child-related expenses. Here are a few strategies for reducing costs, according to finance professionals….