When the warm weather wanes, the summer and autumn fun can become expensive. But some out of pocket expenses may be deductible next April. So save your receipts as you prepare for that family or your company’s BBQ.
Many working parents run into a babysitting bind. If you have to put your kids in day camp so you can work, don’t sweat it those expenses can be applied to your child and dependent care credit.
If your kids are under age 13 and you need to pay someone to watch them while you and your spouse can work or go to school, you’re eligible for the credit. That equals up to $3,000 of the expenses paid in a year for one child, or up to $6,000 for two or more kids. And good news –that includes day camp all summer. But the cost of sleep-away camp does not count.
To find out more about the firm visit http://www.lipsonneilson.com/