Child Tax Credit: IRS Tax Tip
Many working parents must arrange for care of their children under 13 years
of age during the school vacation period. A solution-- with a federal tax
benefit-- is a day camp program. According to the Internal
Revenue Service (IRS), the cost of day camp can count as an expense toward
the child and dependent care credit. Expenses for overnight camps do not
qualify.
The credit is generally 20 percent to 35 percent of non-reimbursed expenses,
up to $3,000 in expenses for one child and up to $6,000 for two or more
children. The actual credit is based on your income.
For more information, please view Publication 503 -
Child and Dependent Care Expenses (.PDF document).
Tax Topics - Topic 602 Child and
Dependent Care Credit
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