childcare

Tax Credit for Summer Camps and Other Childcare Expenses

If you work (as an employee or by being self-employed) and you pay for daytime childcare services for your children under the age of 13, you might be eligible for a Federal tax credit. Here is the list of the basic facts:
• The credit is calculated on up to $3,000 of qualified unreimbursed expenses for one child or $6,000 for two or more children.
• The amount of the credit is 35-20% of those expenses depending on your income.
• If you are filing a joint return with your spouse, both of you must have earned income.
• Summer daytime camps, daycare facilities, nannies, etc. qualify. Overnight camps and summer school tutoring do not.
• Your tax preparer will need the name of the person […]

By |June 16th, 2014|Categories: Individual Tax|Tags: , , , , |Comments Off on Tax Credit for Summer Camps and Other Childcare Expenses