- June 4, 2014
- Posted by: Jenna McQuinn
- Category: Tax, TaxBites
The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another few weeks, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax break?
Day camp is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2014, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more.
Will you be sending your child to day camp this summer?
Have more questions? Call for more information.