Tag: Child and Dependent Care Credit

Is My Child’s Summer Camp and Daycare Tax-Deductible?

Written by Paul Belfiore on August 11, 2022. Posted in Blog, Taxes.

Milford, NH Resident Seeks Answers

Summer camp and daycare is tax deductible for children under age 13 or if the child is a disabled dependent. The tax credit may cover up to $3,000 in qualifying expenses for one child or up to $6,000 for two or more children. This includes money paid to a daycare center, babysitter, summer camp, or other provider offering childcare. Covered under the Child and Dependent Care Credit, this was created for working parents to offset the price for childcare. However, parents who are full-time students and those that are unemployed and actively looking for work may also qualify for this deduction

What Are the Rules for Claiming a Dependent on Your Tax Return?

Written by Paul Belfiore on July 28, 2022. Posted in Blog, Taxes.

Brookline, NH Resident Seeks Advice

There are tax deductions for those that have dependents living full-time in their household, the most common of which is the Child Tax Credit and Child and Dependent Care Credit. To qualify as a dependent, this can be a child that is under age 19 or under 24 if they are a full-time student. If the child is permanently disabled, you can qualify for these deductions regardless of age. Caring for aging relatives that are living in your home may also qualify for a tax deduction as a dependent if you are financially supporting them.