As a parent you may not be thinking about your taxes during the summer months. You might be thinking about your much needed vacation or how you are going to keep the kids occupied for the summer. Here is a solution that your kids will love and so will your bank account when the tax bill arrives. Summer Camp!
How is this possible you may ask? Some summer camps specifically day camps such as Pompositticut Farm Day Camp can be used as a tax deductible by qualifying for the Child and Dependent Care Credit. According to TurboTax, “Under the Child and Dependent Care Credit, you may receive a credit up to $1,050 of your expenses for one child under 13 and up to $2,100 for two or more children under 13 and there is no age limit if they are disabled. There is one catch though. Overnight camps do not count.
There are a few qualifications necessary in order for you to save with the Child and Dependent Care Credit as follows:
The care must be provided for a qualifying person who is your dependent under the age of 13 when care was provided. Note: Care may also be provided for your spouse or certain other dependents who are physically and mentally incapable of self-care.
Your child or qualifying person must be in summer camp or daycare so that you can work or look for work.
Your tax filing status must be single, married filing jointly, head of household, or qualifying widow(er) with your dependent listed on your tax return.
The child must have lived with you for more than half of the tax year in question.
The care provider must be identified on your tax return and cannot be your spouse, the parent of your qualifying person, or your dependent child under the age of 19 by the end of the tax year.”
Hopefully this helps to be thinking forward to plans for next summer or using summer camp this year to help with those pesky taxes. Pompositticut Farm Day Camp is happy to provide any of the information you require to complete the Child and Dependent Care Credit on your taxes.