Tax Tips & $200 Grant for Homeschooling

If you are a parent or guardian homeschooling your children, here are a few tax tips and a $200 grant that may help you at this time. 

Childcare tax credit 

If you are paying someone to care for your child during Covid19 – whether it is in or out of your household, you may be able to take it as a childcare tax credit. Here is some information about the credit:

  • Taxpayers who are working or seeking work; 
  • Expenses are deductible up to $3,000 per child up to two children; 
  • Available for dependents or children under the age of 13 or mentally incapable of caring for themselves. 

Know there are special rules that apply to payments made to specific relatives. For more information, please visit IRS.gov.

School Tax Deduction for Homeschooling

The State of Louisiana has a school tax deduction. This deduction allows parents or guardians to deduct up to $5,000 of school expenses on the state tax return for homeschooling or attending school in person.  

Taxpayers can deduct: 

  • School uniforms
  • Textbooks, instructional materials, curriculum and supplies 

For more information, visit the State’s website. 

Grants for Parents 

If you are homeschooling your child, there may be resources available to help you. Home School Legal Defense Association (HSLDA) provides grants for $200 per child to assist with school materials, courses, technology, and other expenses to defray homeschooling costs. To qualify, individuals must meet a few guidelines. Here are some listed below: 

  • Completed at least one semester of homeschooling
  • Homeschool a child between ages 6 and 19
  • Be able to show a financial need

For more information, you can 540-338-5600 or visit HSLDA.org.

Have questions? Check out my next class – Starting your business 101! Or check out Washington CPA Services for a consultation appointment! 

God bless you on your journey!  

Kemcents

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