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Summer time means vacation, beach trips, and time spent visiting family, but unfortunately most of us can’t take the whole summer off to look after the kids who are out for the summer. The solution for many is summer camps. And yes, you are able to write some of these expenses off on your taxes as a dependent care credit.
For one child you can claim up to $3,000 of your dependent care expenses. For two or more children the amount is a total of $6,000. The size of the credit depends on your income level. If you make $15,000 or less your credit is 35% of expenses claimed. If you make $43,000 or more, your credit is reduced to 20% of claimed expenses. This means if you have two children and make more than $43,000, your maximum credit will be $1,200 ($6,000 x 20%) on your tax return.
We wish you and your family a fun and adventurous summer, and you can always contact us if you have further questions or need help with your taxes!