Potential Child and Dependent Care Expense Credits

If your student is under the age of 13 and going to Camp BizSmart this summer, you may be able to count the tuition paid as an expense towards the child and dependent care credit. See below to view text from the IRS website:

IRS Summertime Tax Tip 2007-04
The cost of day camp can count as an expense towards the child and dependent care credit. Expenses for overnight camps do not qualify. The credit is generally 20% to 35% of non-reimbursed expenses; up to $3000 in expenses for one child and up to $6000 for two or more children. The actual credit is also based on your income.

The credit rate ranges from 20% to 35% of expenses, depending on your income. The 35% rate applies if your income is under $15,000; the 20% rate, if your income is over $43,000. For more information, check out IRS Publication 503, Child and Dependent Care Expenses available on the IRS website.

Please note: We specialize in entrepreneur camps, not tax preparation. We recommend that you speak with a tax professional before filing. This child and dependent care information does not encompass any Flexible Spending Accounts or other special benefits your employer may have established at your company. Please check with your HR Department to find out if your company’s FSA plan covers day camps.