The Child and Dependent Care Credit is available for expenses incurred during summer and throughout the rest of the year. Some facts about a tax credit available for child care expenses:
• The cost of day camp may count as an expense towards the child and dependent care credit.
• Expenses for overnight camps do not qualify.
• 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.
• The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.
• 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.
IRS Publication 503, Child and Dependent Care Expenses, is available on the IRS Web site, IRS.gov.
