The summertime brings vacations, cookouts, fireworks and summer camp to the minds of many taxpayers. It is also a good time to lookout for summertime tax breaks. A recent IRS newsroom article provides tax payers with children in summer camp a potential tax credit. The cost of day camp (sorry overnight campers) will qualify taxpayers as an expense towards the child and dependent care credit. The taxpayer’s child must also be under 13 years of age and there are additional rules that also apply. Be sure to speak to your tax advisor to see if this cool tax break is for you.
All part of your mid -year tax planning for 2009. Be sharp as a tack this tax year.