We treat general psychiatric disorders such as depression, panic disorder, anxiety disorder, bipolar disorder, attention deficit disorder, eating disorders, chronic mental illness, substance abuse and other psychiatric disorders.
In general20, you can deduct up to $8,000 annually for each child who is aged six or under at the end of the year, and up to $5,000 for each child aged seven to 15 at any time in the year. This limit is increased to $11,000 annually for each child who is eligible for the disability tax credit (see topic 80). In general, the total deduction cannot exceed two-thirds of the salary or business income of the parent who is required to claim the deduction. However, itâs limited by the actual amounts paid in the year for childcare. 20 For 2014 and prior years, these annual limits were up to $7,000 for children age six or under, up to $4,000 for each child age seven to 15 and up to $10,000 for children eligible for the disability tax credit.
The child and dependent care tax credit provides a credit worth between 20 percent and 35 percent of child care costs up to $3,000 for a child under age 13. The credit is income based and is reduced for people with higher incomes. Eligible child care expenses are limited to $6,000 per family. About 12.1 percent of families with children benefited from the child and dependent care tax credit last year, according to estimates by Urban-Brookings Tax Policy Center. Employees also can set aside up to $5,000 per year of their salary, regardless of the number of children, in an employer-provided flexible spending account to pay child-care expenses.