A Simple Way to Cut Employee Turnover: Federal Child‑Care Tax Credits Explained

An update to tax laws could help your business retain talent that might otherwise leave because due to the cost of taking care of their kids.

EXPERT OPINION BY LAUREN GRAY, FREELANCE WRITER

Illustration: Inc; Photo: Getty Images

A new dollar figure on child care cost is shocking, but will not be surprising to parents already deep in the financial grind of modern caregiving. Families must earn more than $400,000 a year to cover child care costs for two children, according to a new LendingTree study. That eye-popping total is what it takes to meet the federal definition of “affordable,” which caps child care spending at no more than 7 percent of household income. It also represents nearly triple the actual average annual income of $145,000 seen in........

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