The last month and a half after my wife returned to work, I took Thursdays and Fridays off to care for Baby LRC. My parents watched him from Monday to Wednesday. Initially, I thought that I’d change a few diapers, feed him and play with him. I figured I would have time to work on the blog and surf the web while he took his nap. You can tell that this is my first child because obviously I don’t know how much work and attention is required to care for a little one. Props to all you stay at home parents. Actually, props to all parents! There were some tantrums Baby LRC threw when Mrs. LRC first went back to work and he refused to take the bottle, but all in all, I wouldn’t trade that father and son bonding time for anything. Now that I’m back to work full time, I miss spending quality time with him. It’s not the same when you come home after work and his bedtime is soon afterwards. Plus, he is much more playful during the day and gets a bit fussy at night.
I finally updated my About page, as it says that we were planning on being a one-income family. It seems that one of the most popular posts on my blog is the one entitled Living On One Income. Now that my wife decided to return to work, it is not something that I will have much knowledge about. However, it is possible that we may revisit that decision sometime in the future, especially if we have another child. I guess we will cross that bridge when it comes.
As with childcare, we are lucky that my mother and my wife’s mother will be able to help out. As I mentioned in an earlier post , I was doing some research about the tax implications of paying grandparents for childcare. Well, the IRS and its rules are always complex, but it seems that paying grandma to watch your child isn’t too complicated (tax wise). From what I got out of the article, if you hire your parent to care for your child, you don’t have to file any paperwork with IRS to report your parent’s earnings and do not have to pay payroll taxes (some exceptions apply). Your parent will have to report the income in their tax return. If you are interested in learning more, check out the article here or go to the Tax Mama forum here. I put the maximum $5000 in my dependent care flex spending account which will save me a good amount in taxes. Of course, I’ll have to look into this more when the time comes. I’d suggest that you do your own research and ask a professional tax expert if you are also thinking about using this arrangement.
And thank you to the Carnival of Retirement for including my post.