Choose an area of interest:

Choose an area of interest:
Accounting | A & A | Corporate Finance | Ethics & Compliance | Financial Planning | HR & Training | International | Legal | Students | Tax | Tech

5 Facts: Summer Childcare Tax Credit

July 11, 2011 (South Florida Sun-Sentinel) The Internal Revenue Service has some good news for parents: That extra money they pay for summer childcare expenses may qualify for a tax credit, local IRS spokesman Mike Dobzinski said.

With school out, some parents have to find childcare while they're at work, said Dobzinksi of Plantation, Fla.

Dobzinski gave five facts for parents about the Child and Dependent Care Credit:

1. You'll get some tax benefit if you qualify for the credit whether your childcare provider is a sitter at your home or a daycare facility.

2. Expenses for overnight camps do not qualify.

3. The tax credit can be up to 35 percent of your qualifying expenses, depending on your income.

4. You may use up to $3,000 of the non-reimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.

5. For more information go to IRS Publication 503, Child and Dependent Care Expenses. This publication is available at or by calling 800-TAX-FORM (800-829-3676).

Share this article:

(c) 2011, Sun Sentinel. Distributed by Mclatchy-Tribune News Service.

Related Stories
This Week in the SmartPros News & Insights Newsletter

Caring for Your Aging Parents

Ask the Experts: Contact IRS If You Can't Pay Taxes

Would you recommend this article?
5 (yes, highly)
1 (no, not at all)

About SmartPros | Accounting Products | Professional Education | Marketing Services | Consulting | Engineering Products | PE Review Course | Contact Us
Copyright 2015 Kaplan, Inc. | All rights reserved.