Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. See below for how to submit a question.
I work two jobs, and my wife stays home to care for our 20-month-old son. Is there any break for stay-at-home moms on the books, or is there one proposed?
A tax break for "stay-at-home moms" does not exist at this time. However, there is a proposal to address this issue for the 106th Congress. The Child Care ACCESS Bill, which has attracted the attention of President Clinton, would provide a new tax credit for "stay-at-home moms." There is a federal child-care tax credit which is new for tax year 1998. The amount is $400 and will be increased to $500 for tax year 1999. This credit is phased out beginning at adjusted gross incomes of $110,000 for those who are married filing jointly.
Douglas Coats, CPA, Deloitte & Touche
The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary.
To ask a tax question, call Sundial, The Sun's telephone information service, at 410-783-1800. Call 410-268-7736 in Anne Arundel County, 410-836-5028 in Harford County, 410-848-0338 in Carroll County. Using a Touch-Tone phone, punch in the four-digit code 6225 after the greeting. To submit questions by e-mail and access an online tax guide, go to The Sun's Web site at www.sunspot.net/tax.
Selected questions will be answered in the Business section. No questions will be answered personally.
Pub Date: 3/12/99