As seen in SmartMoney.com
As many parents know, it can cost money to go to work. Those with kids under the age of 13 may have to set aside a little extra for childcare expenses. Fortunately, a federal income tax credit can help pay the bill. It’s available to all eligible parents, regardless of their income (although lowerincome folks get bigger credits). You might also be eligible for your employer’s childcare flexible spending account plan. When the FSA deal is available, it can be a bigger tax-saver than the credit.
Click on the file to see what you need to know about both breaks.