The thing about being a pregnant entrepreneur is that, God willing, you eventually get to be a mompreneur. Such is my wonderful life. With almost 5 years of parenting under my belt, I still remember those fears I had while pregnant (both times) about how I was going to manage parenting and add it to my well-orchestrated days. Today, I have a funny story share.
Just last week, my youngest (code named Lambchop) gave up nursing over the holidays. Yes, I nursed nearly continuously through constant operations of my business. The frequency whittled down to just bedtime snuggles. Then, yesterday…
Lambchop: Mama, numnum?
Me: No, honey. All done. Hugs?
I saw her little face screw up into that face right before a tantrum hits. Then…
Wait for it….
I’ve been replaced by a stick of cheddar. I wish all of motherhood was so easy.
My hope is that some newly pregnant mom will read this post and be struck by these truths:
1. You can do anything while working, even nurse for a very long time.
2. Kids grow up way faster than we think. Remember, the years are short even while the days are long.
3. Your kids will eventually give you your body back, even while they take your shoes.
Taxes are boring and tedious, until you find something that pays you back money. I have just the ticket for you. A new tax provision allows you to deduct your breast feeding pump and supplies. This is great news since a good pump can take a bite out of your new baby budget. I spent roughly $300 on mine just a few years ago, and mine didn’t even come with a sporty knapsack like the newer ones do.
Not everyone can deduct their pumps. Section 502 of the tax code applies to those who are able to take the medical deduction on their Schedule A, which means you must have had more than 7.5% of your adjusted gross income (AGI) in medical expenses. But look over the list, because you might be closer than you think to meeting that threshold. Payments to COBRA, insurance premiums you pay, and other big ticket items may apply.
If you don’t meet the AGI threshold but you have a Flex Spending Account (FSA) or medical savings account through your spouse’s employer, you may be able to purchase a pump with FSA funds. FSA funds are generally pre-tax, so that offers you a bit of a savings. But be sure to check with your plan, as the health laws are constantly changing. Recently some or all FSA’s required previously covered over the counter (OTC) items to now require a doctor’s prescription. So check with your doctor, and have her write you a script for your pump. The extra paperwork might just save you a chunk of change.
As always, check with your CPA or financial advisor for specifics in your situation.