- Talk to your employer about offering a child care tax benefit called a Dependent Care Flexible Spending Account or DC-FSA.
These programs allow enrolled employees to make payments to their ECE using pre-tax dollars. Click here to learn more about the tax benefits, related to the pandemic, for existing DC-FSA plan owners DCFSA Tax COVID relief.
2. Meet with your tax preparer to ensure you are taking advantage of child care tax credits.
The federal government changed some of the rules regarding child or dependent care tax credit due to the pandemic. Click here to learn more about these changes and what is needed to receive your tax credit
3. Consider working part-time at your ECE center to take advantage of significant tuition discounts for employees.
ECE programs offer anywhere from full to 50% tuition reduction for employees. You will earn money and save money simultaneously. It may make financial sense for one parent to work 20 hours a week at their child’s ECE, especially if they have multiple children attending.
4. If your ECE is not already a subsidy vendor, meet with your ECE Director to discuss the possibility of applying for childcare subsidy vendor status.
Childcare subsidies can be game changers for ECE centers. Obtaining subsidy vendor status requires centers to follow strict rules and adhere to reporting requirements. However, they provide significant financial and other resources to programs allowing them to offer employees higher pay and benefits and improve their learning program.
5. Explore available ECE financial resources. Click on the following link to learn more here about getting help paying for childcare and use this link to access the list of eligibility requirements.