Most parents still have to work, even if the kids are out of school for the summer. The added expense of childcare and/or summer camp can start to eat into your monthly budget and annual expenses.
Fear not....your summer camp enrollment and summer childcare fees may be tax deductible under the Child and Dependent Care Credit from the IRS! So, if you're working or even looking for work, you must arrange care for your children under 13 years of age during the school vacation.
Here's what the IRS says:
Fear not....your summer camp enrollment and summer childcare fees may be tax deductible under the Child and Dependent Care Credit from the IRS! So, if you're working or even looking for work, you must arrange care for your children under 13 years of age during the school vacation.
Here's what the IRS says:
- The cost of day camp may count as an expense towards the child and dependent care credit.
- Expenses for overnight camps do not qualify.
- Whether your childcare provider is a sitter at your home or a daycare facility outside the home,
you'll get some tax benefit if you qualify for the credit.
- The credit can be up to 35% of your qualifying expenses, depending on your income.
- You may use up to $3,000 of the unreimbursed expenses paid in a year for one (1) qualifying individual or $6,000 for two (2) or more qualifying individuals to figure the credit.