During the summer many parents may be planning the time between school years for their children while they work or look for work. The IRS wants to remind taxpayers that are considering their summer agenda to keep in mind a tax credit that can help them offset some day camp expenses.

The Child and Dependent Care Tax Credit is available for expenses incurred during the summer and throughout the rest of the year. Here are six facts the IRS wants taxpayers to know about the credit:

  1. Children must be under age 13 in order to qualify.
  2. Taxpayers may qualify for the credit, whether the childcare provider is a sitter at home or a daycare facility outside the home.
  3. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.
  4. The credit can be up to 35 percent of qualifying expenses, depending on income.
  5. Expenses for overnight camps or summer school/tutoring do not qualify.
  6. Save receipts and paperwork as a reminder when filing your 2012 tax return. Remember to note the Employee Identification Number (EIN) of the camp as well as its location and the dates attended.

For more information check out IRS Publication 503, Child and Dependent Care Expenses. This publication is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Links:

YouTube Videos:

January 2015
S M T W T F S
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

Upcoming Tax Dates

January 1 Everyone
Federal Holiday (New Year's Day) - Details

January 12Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details

January 12Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2014.

January 14Regular method taxes
Deposit the tax for the last 16 days of December 2014.

January 15Individuals
Make a payment of your estimated tax for 2014 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details

January 15 Farmers & fishermen
Pay your estimated tax for 2014 using Form 1040-ES - Details

January 15 Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2014

January 15 Nonpayroll withholding.
If the monthly deposit rule applies, deposit the tax for payments in December 2014.

January 20 Everyone
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details

January 27 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2014.

January 29 — Regular method taxes
Deposit the tax for the first 15 days of January.

View More Tax Dates