Send Your Kids To Summer Camp and Write It Off
Author: Business Tax Recovery
If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.
The credit is a percentage, based on your adjusted gross income, of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can range from 20 to 35 percent of your qualifying expenses, depending upon your income.
For 2004, you may use up to $3,000 of the expenses paid in a year for one child or $6,000 for two or more children. These...
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