Did you know you can get a tax credit for sending your kids to day camp during the summer?
It's possible through the Child and Dependent Care Credit, which is available for childcare expenses not just during the summer but throughout the year.
Here are some of the highlights from the IRS:
1) The cost of day camp can count as an expense toward the child and dependent care credit.
2) Expenses for overnight camps do not qualify.
3) If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.
4) The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.
5) You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.
A full breakdown of how it works can be found here. There are many day camps in York County and the greater Charlotte region, so I'm sure many people can benefit from this.
Incidentally, the IRS is publishing three tax tips each week this summer covering a variety of topics. You can sign up to get them by e-mail at irs.gov.
To see all the ones they've sent out so far, click here.