As you start to gather your documents and tally your receipts for your taxes don’t forget to write off your kids! There are many tax breaks you can claim with Uncle Sam if you have children and some you may not even know about.
For example, did you know that you can write off your child’s summer day camp? Ann Marie Casinelli, senior manager at tax services company, ParenteBeard, says you can claim a credit for a percentage of your child care expenses or pay taxes that allow you to work. “Many people overlook the fact that summer day camp generally qualifies.”
Get the math side of your brain thinking, Casinelli explains, “The credit can be up to $600 for one child or $1,200 for two or more children. People with higher incomes may not qualify for this credit. If you paid $3,000 for your son’s day camp so he has somewhere to go while you’re at work, you can receive a credit of $600 (3,000 x 20 percent). If your three children attend summer camp, and you spend $9,000 in camp expenses, the maximum credit you can receive is $1,200 ($6,000 x 20 percent). To qualify, children must be under 13 years of age. And, it’s not just for daycare; it applies to any facility your son or daughter attends. This credit also relates to *any*after care expenses one would incur for their child so they are able to work.”
