Home / Articles / Summer day camp may save you taxes

Summer day camp may save you taxes

May 28, 2014

Share:

The passing of Memorial Day marks the beginning of summer in the minds of many Americans. Although the kids might still be in school for another week or two, summer day camp is rapidly approaching for many families. If yours is among them, did you know that sending your child to day camp might make you eligible for a tax break?

Day camp is a qualified expense under the child and dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2014, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more.

Be aware, however, that overnight camp costs don’t qualify for the credit.

Additional rules apply, so please contact us to determine whether you’re eligible.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

Guidance

Related Articles

Article

2 Min Read

IT Audit Guide for Ohio Sports Gaming: Rule 3775-16-2

Article

2 Min Read

Social Security’s Future: The Problem and the Proposals

Article

2 Min Read

Strengthening Cybersecurity for Financial Data Protection

Article

2 Min Read

Fair Lending Compliance: What You Need to Know

Article

2 Min Read

Review Your Security Status With Our CMMC Readiness Checklist

Article

2 Min Read

Is a CFO the Right Choice for Your Nonprofit?

Get in Touch.

What service are you looking for? We'll match you with an experienced advisor, who will help you find an effective and sustainable solution.

  • Hidden
  • This field is for validation purposes and should be left unchanged.