Tuesday Tax Tidbit: Summer Day Camp Tax Break

June marks the beginning of summer in the minds of many Americans, and summer day camp options are 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 do not qualify for the credit. Additional rules also apply, when determining if you’re eligible, so contact us to learn more.

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