Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit:
1. Care for Qualifying Persons.
2. Work-related Expenses.
3. Earned Income Required.
4. Joint Return if Married.
5. Type of Care.
6. Credit Amount.
7. Expense Limits.
8. Certain Care Does Not Qualify.
9. Keep Records and Receipts
10. Dependent Care Benefits.
Courtesy of IRS
For more information contact Neikirk, Mahoney and Smith at 502-896-2999
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