Get Credit for Summer Camp!
School is almost out for the summer which means you’re probably scrambling to figure out what to do with your child(ren) for the summer. We wanted to remind you that if you send your child(ren) to day camp those expenses may qualify for the Child and Dependent Care Tax Credit on your 2013 tax return.
Expenses that qualify for this credit are day camp expenses and child care in your home. Overnight camps and summer tutoring do not count for the credit calculation.
To get the credit, you and your spouse, if applicable, must both have earned income and the qualifying child(ren) must be under the age 13 for the entire year. The maximum credit is 35% of your expenses up to a maximum level of $3,000 for one child of $6,000 for two or more children. There are income phase outs that apply so you’ll need to consult your accountant to determine the exact credit.
So save those receipts! You’ll also need to have the name, address and Social Security or employer identification number of the summer camp or care provider to complete the credit form next year.
For more information click here