Originally posted on https://www.coloradoacademysummer.org/is-summer-camp-tax-deductible/
Do you have fond memories of summer camp as a kid?
If so, now that you are a parent, have your children fallen in love with summer camp too?
Going off to camp in the summer can provide your children and your family as a whole with some great memories.
In addition to the inherent benefits of summer camp, for both kids and and parents, there may be a tax benefit in the form of a deduction.
So, should summer camp be on your family’s agenda when summer next rolls around?
If money has been an issue over time, keep in mind that summer camp can have financial benefits for your family.
Among them, as long as your kid is under the age of 13, and the camp they attend is a day camp, you can qualify for a tax credit. This is for when needing care for your child while you work (or you are seeking employment in some cases). Keep in mind that if your kid goes to an overnight camp, this does not meet requirements of an eligible expense.
In meeting camp requirements to receive financial help, dependent kids under 13 must live with you for more than half the year.
In the event you and the other biological parent have divorced, make sure to check with your tax pro on if your child will meet qualifications. Your kid is seen as a qualified dependent when living with the parent who has court-approved legal control.
It is also important to note the actual figures involved.
The largest expense allowed for the credit over a year’s time does have limitations.
So, a qualifying child would mean a limit of $3,000, while it is $6,000 when it involves two or more children.
Last, remember these factors when determining if you can get a credit:
Along with the potential financial benefits, look at some of the other advantages of camp.
In sending your child to camp, look at the different benefits that can come of it for the family.
When you do, there’s a good chance you will be registering your children the next time camp rolls around.
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