What is a Dependent Care FSA?
Dependent care is expensive! Like the Child Tax Credit, a Dependent Care Flexible Savings Account, or DCFSA, is a taxpayer benefit for parents (and also in this case, taxpayers who have non-spouse adults who depend on them). Goodness knows, we need it! If you’re familiar with a medical Flexible Spending Account (FSA) or Health Savings Account (HSA), you may already have a good idea of what an FSA essentially is. Just in case you haven’t, we’re going to start this article with an explanation of what an FSA is in general. After that, we’ll cover the tax savings you get…