Joseph Prokop photo and On Target Financial logo

On Target Financial

 

5301 SW 7th Street, Topeka, KS 66606

 

Phone:  785-272-5000

Fax:      785-272-6725

 

Joseph G. Prokop, CFP®, CRPC®

 

Website: www.ruontarget.com

May/June 2024

Help with Summer Camp Costs

Help with Summer Camp Costs

Parents who send their child to summer camp may be able to deduct some of their expenses. The Child and Dependent Care Credit provides a tax break to working parents or guardians of children age 13 or younger or a dependent who is disabled. Parents who are full-time students or who are unemployed and looking for work may also qualify for the credit.


How Much?
You can claim expenses for the cost of sending your child to a day camp or summer camp. Sports camps are included, but overnight camps are not eligible. The credit is calculated based on your income and a percent of the expenses you incur to work, go to school or look for employment. The credit covers up to a maximum of 35% of $3,000 of qualifying costs for one child or up to $6,000 for two or more children.


Eligible Expenses
You can claim expenses for more than just summer camp. Also eligible are:
  • Babysitting and daycare center costs

  • The cost of home help when the provider is involved in caring for a qualifying child or dependent

  • Before and after school care

  • Cost of a nurse, home care and other services for disabled dependents


The child care provider cannot be a dependent, spouse or parent, even if you pay them a salary.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Investment advisory services offered through Cambridge Investment Research Advisors, Joseph Prokop, Investment Adviser Representative. Cambridge and On Target Financial are not affiliated.
On Target Financial and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.