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Summer Camp can Give You a Tax Credit if You Know These 6 Things

Bridge over riverKids are expensive enough, especially if you’re not taking advantage of a tax credit that may save you thousands of dollars. If you’re sending your children to summer day camp, don’t forget the Child and Dependent Care Tax Credit.

According to the IRS, you may qualify for a federal tax credit for day camp costs up to 35 percent of your allowable expenses. That adds up to a $3,000 credit for 1 child or $6,000 for 2 or more.

Here are 6 things you need to know about claiming a credit for child and dependent care expenses.

Do you have the support you need to manage your small business bookkeeping? Schedule a 30-minute appointment to speak with a local small business adviser.

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