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Take Credit for Child Dependent Care this Summer

Summer is finally here and even though you may have been looking forward to it there is a pressing and present issue you can not afford to overlook: who is going to look after your child now that school is out (presuming work is not out for you!)? Typically parents who don’t have available supervision at home like to take their children to Summer Day Camps and pay for the cost of day camps. If this applies to you, you may benefit from Child and Dependent Care Credit. The following are 10 facts to keep in mind about the Child Dependent Care Credit: The expenses must be for the care of one or more qualifying persons. A dependent child or children under age 13 usually qualify. The expenses must be related to work. Meaning you are paying for day camp in order to attend work or in order to look for work. This also applies to your spouse if you file a joint return. Your spouse meets this rule during any month he/she is a full-time student, or he/she [...]

December 31st, 2016|Uncategorized|0 Comments