June 24, 2016
CNBC.com quoted Senior Manager Don Crotty in an article about tax credits for summer camp and day care fees.
CNBC.com
By Jessica Dickler
Excerpt:
Thanks to the Child and Dependent Care Credit, you may receive a credit when you file your return for up to 35 percent of $3,000 in child care and camp costs for one child or $6,000 for two or more children, depending on your income. That translates to as much as $1,050 for one child and $2,100 for two or more children if they are under the age of 13.
In order to reap the tax benefits come April, payments for camp must be made to an institution or person, and you must include their address and federal tax identification number on your tax return, said Don Crotty, a senior tax manager at Marcum LLP. If the cost of transportation to and from camp is included in the camp’s fees, then that counts, too.
