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.
For taxpayers who do not need the full $1,000 per child to reduce their taxes to zero, there is the Additional Child Tax Credit. This credit allows qualified taxpayers to claim the balance of their Child Tax Credit as a refundable credit and pay any additional taxes or increase their refund. If you and your spouse will both work after the baby arrives, child care costs up to $3,000 for one child and $6,000 for more than one child may qualify for the nonrefundable tax credit, the Credit for Child and Dependent Care Expenses.