Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Send Your Kids To Summer Camp and Write It Off > NetSparsh - Viral Content you Love & Share

Send Your Kids To Summer Camp and Write It Off

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 dollar limits must be reduced by the amount of any dependent care benefits provided by your employer that you exclude from your income.

To claim the credit for child and dependent care expenses, you must meet the following conditions:

1. You must have earned income from wages, salaries, tips or other taxable employee compensation, or net earnings from self-employment. If you are married, both you and your spouse must have earned income, unless one spouse was either a full-time student or was physically or mentally incapable of self-care.

2. The payments for care cannot be paid to someone you can claim as a dependent or to your child who is under age 19.

3. Your filing status must be single, head of household, qualifying widow(er) with a dependent child, or married filing jointly.

4. The care must have been provided for one or more qualifying persons identified on the form you use to claim the credit.

5. Your children must reside with you.

What is a "qualifying" child? The child must have been under age 13 when care was provided and you must be able to claim the child as an exemption on your tax return. A spouse who is mentally or physically unable to care for himself or herself also qualifies.

You should read IRS publication 503 or speak with a tax professional to learn more. Still, it is nice to know you can write off those swimming lessons.

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Vox

The 5 most important questions about carbon taxes, answered
Vox
Carbon taxes are in the news these days. In recent months, not one but two conservative national carbon tax proposals have emerged, disrupting the usual partisan dynamic on climate policy. First there was the proposal from the Climate Leadership ...
97% of House Republicans foolishly reject carbon taxesThe Guardian
House Votes to Denounce Carbon Taxes. Where Was the Climate Solutions Caucus?InsideClimate News
House votes to disavow carbon taxThe Hill
ThinkProgress -Washington Examiner -Mother Jones -Citizens' Climate Lobby
all 49 news articles »

Page Six

Xzibit pays $233K in owed taxes - Page Six
Page Six
Former "Pimp My Ride" host Xzibit has long had tax troubles and in 2011 it was reported that he owed the federal government nearly $1 million.
Xzibit Cuts Massive Check to Uncle Sam: 'PAY YOUR TAXES!'The Blast

all 7 news articles »

Illinois News Network

Report: Sin taxes aren't reliable revenue streams
Illinois News Network
For those thinking pot taxes will save Illinois financially, Illinois' backlog of bills as of Thursday was nearly $7.8 billion. That would mean Illinoisans would have to consume 15,600 tons of weed in one year to pay the old bills. That doesn't even ...


The Hill

GOP tax writer introduces bill to reduce capital gains taxes
The Hill
this week introduced legislation that would reduce the amount people pay in capital gains taxes, as conservatives press the Treasury Department to take action on the topic. The bill from Nunes, a senior member of the tax-writing House Ways and Means ...


CNBC

Two strategies to simplify your taxes in retirement
CNBC
You may have stopped punching the clock at work, but Uncle Sam hasn't: Retirees still need to pay income taxes. Once older Americans have left the workplace, they may be generating income from a variety of sources, including Social Security, pension ...


The Pew Charitable Trusts (blog)

Are Sin Taxes Healthy for State Budgets? | The Pew Charitable Trusts
The Pew Charitable Trusts (blog)
When Kansas lawmakers found themselves facing a projected $900 million budget shortfall in 2017, then- Governor Sam Brownback (R) proposed tax hikes on ...

and more »

Politico

Why filing taxes isn't easy - Politico
Politico
The Trump administration unveiled a “postcard-sized” tax form late last month that will supposedly make it easier for Americans to do their own taxes. The move ...

and more »

Daytona Beach News-Journal

Legal defense fees may force Ponce Inlet to raise taxes 9.5%
Daytona Beach News-Journal
PONCE INLET — As Town Manager Jeaneen Witt prepared a budget proposal for the coming year, she would have been looking at property tax rate cut, but for one thing. Legal fees in the decade-old Pacetta lawsuit against the town. Legal defense fees ...


Washington Post

In conservative Oklahoma, a Republican raises taxes — and many ...
Washington Post
In his campaign for governor, former Oklahoma City mayor Mick Cornett is being helped by voters who have changed their views on some tax hikes.

and more »

Monroe News Star

Your dollars at work: Ouachita taxes repair miles of roads
Monroe News Star
Ouachita Parish Police Jury vice president Jack Clampit, District B, said it's all thanks to the two taxes passed in 2016 and 2017. On April 9, 2016 voters in the West Ouachita Development District approved a 0.39 percent tax to be collected over 25 years.

Google News

What Is Tax Law?

The federal tax code is complex. This complexity generally arises... Read More

Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make

NOTE: This is the first in a series of 5... Read More

About Income Taxes; Tidbits

1812The first attempt to impose an income tax on America... Read More

Identity Theft ? Impacting Your Taxes?

If your identity is stolen, your finances can quickly become... Read More

Tax Reduction Tips

In the rush to get tax returns prepared and filed... Read More

Estate Taxes - It Pays to Plan Ahead

Estate taxes. It's not enough to simply know they exist,... Read More

Gambling Income and Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments,... Read More

The Implications of Income Tax Charge on Estate Planning

OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with... Read More

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some... Read More

Deducting Points On Home Refinances

Deduction of Refinance PointsAny points that you pay in the... Read More

IRS Statute of Limitations: Do Taxes Ever Expire?

Many Americans believe that an IRS debt is a debt... Read More

Back To School ? Educators Deduct School Expenses

As teachers and students head back to school following a... Read More

Six Urban Myths About Taxation

Six Urban Myths ? Taxation"I am proud to be paying... Read More

I Havent Filed a Tax Return with IRS in Years, What Do I Do?

In elementary school, kids come up with creative excuses why... Read More

Small Business Tax Issues for Self-Employed Individuals

The United States is a nation of entrepreneurs. There are... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing... Read More

What is a Federal Tax Lien?

A Federal Tax Lien (FTL) is a legal instrument that... Read More

Anticipating Your IRS Refund Can Cost You Plenty

While accountants are reaching for aspirin, millions of Americans are... Read More