My kids did their share of summer camps growing up and like many other parents, my husband and I dealt with guilt and whiny kids. Many are luckier than us; they have a Flex Spending Account (FSA) through their employer to defray some of the hefty costs of day-care. Let’s take a look at what summer camp costs are tax-deductible.
You may be able to claim a credit for child and dependent care, if you pay someone to care for your dependent child who is under the age of 13, or for your spouse or other dependent who is not able to care for himself or herself. You must have incurred this expenditure so that you (and your spouse, if you are married) could work or look for work. If you are married, both you and your spouse must have some form of earned income, unless one spouse either was a full-time student for 5 months of the tax year, or was physically or mentally incapable of self-care.
The child and dependent care credit, which is a nonrefundable credit, is generally a percentage of the amount of the work-related child and dependent care expenses you paid to a care provider. The amount of this percentage depends on your adjusted gross Read More
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