do daycare expense and preschool expenses count towards tax deductions
The costs associated with preschool count toward the child care credit for taxpayers who qualify. Because this is a tax credit and not a deduction, the amount of preschool expenses youâre able to turn into the child care credit reduces your tax bill dollar for dollar.f you have one child whose preschool tuition totaled $1,000 and another who had a $7,500 tuition bill, youâll still be able to count $6,000 in tuition expenses toward the child care credit.
That depends on the number of children, the cost of care, and your income. You can count up to $3,000 in child-care expenses for one child, or up to $6,000 for two or more children.The credit is a percentage of the amount spent on child care, and that percentage gradually decreases as income increases.hat depends on the number of children, the cost of care, and your income. You can count up to $3,000 in child-care expenses for one child, or up to $6,000 for two or more children.