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How much of a tax break do you get for Goodwill donations and child care expenses?


How much of a tax break do you get for Goodwill donations and child care expenses?

To get a tax break for Goodwill donations, you have to itemize. The fair market value of the donation becomes and itemized deduction, unless you donate a car, boat or airplane valued at over $500, in which case you can generally only deduct what they sell it for.

As far as child care expenses, that's a credit, meaning it comes right off of your taxes. The amount you get depends on a number of factors. Download form 2441 from irs.gov to get a better idea of how it works.
You are limited to $3,000 for child care expenses for a single child under the age of 13 ($6,000 max for two or more qualifying children).
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