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Kids going to a day camp this summer? Get a tax break!

May 15, 2012

Most working parents are well aware they get a tax break to help cover the costs of sending their children to day care. But some parents overlook the tax advantage of summer day camp costs.

During school vacations, many parents turn to these supervised programs to provide child care while they work. Overnight camps don’t count, but the Internal Revenue Service says day camp expenses do qualify for this popular credit.

Regardless of whether you paid for after-class child care during the school year or a week of day camp during summer break, you can apply the costs to the child and dependent care tax credit and use it to cut your tax bill at filing time.

And while this credit also applies to care for dependents other than children, there are limits — on what you spend as well as how much you earn — that reduce the actual amount of the credit. Plus, you must make sure you and the person being cared for meet IRS eligibility guidelines.

Clergy Financial Resources
http://www.clergytaxnet.com

Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.

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