Parents can claim as much as 35% of their child-care expenses as a tax credit each year, or up to $3,000 for a single child or $6,000 for two or more children, to cover the cost of day-care programs, preschool and summer camps — including music camps, athletic camps and mini camps — for children 12 and under. If the cost of transportation to and from camp is included in the camp’s fees, then that counts, too.
The credit, which varies depending on the taxpayer’s earned income, only applies for if you are single and working, or if both parents are working.
For that reason, only the cost of day camp qualifies and overnight camp does not. However, if you have a disabled spouse or elderly parent who is your dependent, care-giving expenses incurred for them may also apply.
Since this is a tax credit, rather than a tax deduction, it directly reduces your taxes “dollar for dollar” — in other words, a $1,000 tax credit would cut your tax bill by $1,000.
from Viral News Updates http://bit.ly/2Pc6fQp
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