{"id":348,"date":"2012-07-15T14:28:45","date_gmt":"2012-07-15T19:28:45","guid":{"rendered":"http:\/\/www.fcallc.biz\/blog\/?p=348"},"modified":"2024-11-23T08:32:11","modified_gmt":"2024-11-23T13:32:11","slug":"keep-the-child-and-dependent-care-tax-credit-in-mind-for-summer-planning","status":"publish","type":"post","link":"https:\/\/www.fcallc.biz\/blog\/?p=348","title":{"rendered":"Keep the Child and Dependent Care Tax Credit in Mind for Summer Planning"},"content":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-01<\/h3>\n

Inside This Issue<\/h3>\n
\n
\n<\/div>\n

During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a tax credit that can help them offset some day camp expenses.<\/p>\n

The Child and Dependent Care Tax Credit is available for expenses incurred during the summer and throughout the rest of the year. Here are six facts the IRS wants taxpayers to know about the credit:<\/p>\n

1.\u00a0Children must be under age 13 in order to qualify.<\/p>\n

2.\u00a0Taxpayers may qualify for the credit, whether the childcare provider is a sitter at home or a daycare facility outside the home.<\/p>\n

3.\u00a0You 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.<\/p>\n

4.\u00a0The credit can be up to 35 percent of qualifying expenses, depending on income.<\/p>\n

5.\u00a0Expenses for overnight camps or summer school\/tutoring do not qualify.<\/p>\n

6.\u00a0Save receipts and paperwork as a reminder when filing your 2012 tax return. Remember to note the Employee Identification Number (EIN) of the camp as well as its location and the dates attended.<\/p>\n

For more information check out IRS Publication 503, Child and Dependent Care Expenses. This publication is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).<\/p>\n

Links:<\/strong><\/p>\n

IRS Publication 503<\/a>, Child and Dependent Care Expenses
\nYouTube Videos:<\/strong><\/p>\n

Summer Day Camp Expenses – English<\/a>|Spanish<\/a>|ASL<\/a>\u00a0<\/em><\/p>\n

Note<\/em>. From Issue Number: IRS Tax Tip IRS-2012-01. Copyright 2012 by Copyright Holder. Reprinted with permission.<\/p>\n","protected":false},"excerpt":{"rendered":"

Issue Number:\u00a0\u00a0\u00a0\u00a0IRS Summertime Tax Tip 2012-01 Inside This Issue During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,29,40,15,41,4,8],"tags":[],"class_list":["post-348","post","type-post","status-publish","format-standard","hentry","category-consumer-laws","category-education","category-investing","category-loans","category-personal-finance","category-savings","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=348"}],"version-history":[{"count":3,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/348\/revisions"}],"predecessor-version":[{"id":351,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=\/wp\/v2\/posts\/348\/revisions\/351"}],"wp:attachment":[{"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fcallc.biz\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}