IRS SUMMER TAX TIP - SUMMER DAY CAMP - Ask an

Question:
How much can I claim for Day camps?
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david ingram replies:
I will start off with Canada
Day camps qualify for child care expenses. IT495R2 will give you Canadian
rules at: http://www.cra-arc.gc.ca/E/pub/tp/it495r2/it495r2-e.html
and a simple perusal of the Canadian T778 at
http://www.cra-arc.gc.ca/E/pbg/tf/t778/t778-03e.pdf will show you what is
allowed, where it goes on the form and how much you can claim for children
of different ages up to 14.
For the USA, the following was released a week ago as a summer tip. I repeat
it word for word.
IRS SUMMER TAX TIP
SUMMER DAY CAMP
Many working parents must arrange for care of their younger children
during the school vacation period. A popular solution - with favorable tax
consequences, according to the IRS - is a day camp program. Unlike
overnight camps, the cost of day camp counts as an expense towards the
child and dependent care credit. Of course, even if your child care
provider is a sitter at your home, you'll get some tax benefit if you
qualify for the credit.
You figure the credit on up to $3,000 of expenses, $6,000 for two or more
children. 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, see IRS Publication 503, Child and Dependent Care
Expenses, available on the IRS Web site at www.irs.gov in the Forms and
Publications section, or order it by calling toll free 1-800-TAX-FORM
(1-800-829-3676). Additional information can be found in IRS Tax Tip
2004-47, Child and Dependent Care Credit, dated March 9, in the Newsroom
section of the IRS Web site.
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