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Children and dependent care tax credit not to overlook this summer

Posted by kftaxaccounting2014 on June 23, 2015 in Uncategorized | 4 comments

A lot of activities are common during the summer months, Are you a parent or someone that takes care of a dependent or you know someone that is? This will help you to know there are some tax credit you can get back.

While you work or look for a job during the summer month, any expense you spend on activities on your children or any dependent under the age of 13 may qualify for care credit.

Firstly, you should know your expenses for care has to be work related. You must pay for the care so you can work or look for a job and have a proof of it. Your spouse is also eligible for the care related tax credit if you file a joint tax return and for any month he or she is registered as a full time student or if your spouse is physically or mentally incapable of self-care.

For you to qualify for the care tax credit, earned income is required, wages, salary, tips and any net earnings from self-employment are some of the earned income that may qualify. If you file jointly, your spouse must also have earned income, for any month your spouse is registered as a full time student, your spouse is treated as having earned income or if your spouse is not capable of self-care.

Generally you must file a joint return with your spouse to be qualified for care tax credit, but you can still qualify if you are legally separated or living apart.

The percentage you can get back is dependent on your allowable income, this means that you may be able to get up to 20-35% of your allowable expenses, your allowable expense is limited to $3,000 for one qualifying person or $6000 for two or more. Also irrespective of how you pay for the care, either at home or at a day care facility or day camp you may still qualify.

Lastly, if your spouse is the care provider or the provider is someone you can claim as your dependent, or your child who will be 19 at the end of the year, then you may not qualify for the tax credit. In addition to this, overnight camping and any summer school tutoring does not qualify.

 

If you need more information on summer tax credit or you need to know if you qualify, Talk to us and we will help you make the right decision!

 

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

4 Responses to Children and dependent care tax credit not to overlook this summer

  1. I am not sure where you’re getting your info,
    but great topic. I needs to spend some time learning much
    more or understanding more. Thanks for wonderful information I was looking
    for this info for my mission.

    • kftaxaccounting2014 says:

      Thank you, our primary aim is to pass messages across to the entire populace and we are glad our blogs are doing just that.The information in our blogs are gotten directly from IRS.
      We hope you visit our website and recommend us for more exciting posts!

      Best,K.F. Tax& Accounting P.C. Team

  2. Antonio says:

    I hardly comment, but after reading through a few of the responses on Do you know there is a child/children or dependent
    care tax credit you can claim this summer. I do
    have 2 questions for you if it’s okay. Is it simply me or do some of the remarks come across like they are coming from brain dead visitors?
    :-P And, if you are posting on additional places, I’d like to follow you.

    Could you list of all of your social sites like your linkedin profile, Facebook page or twitter feed?

    • kftaxaccounting2014 says:

      Hello,

      Thank you for liking our post.
      You can follow us on Twitter -@kftaxpc and you can also visit our linked page _https://www.linkedin.com/pub/kemi-nwagbo-cpa-ea-mba/8/3b/753. We hope to hear from you soon.

      Best,

      KF Tax & Accounting P.C.

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