Tax deductions and camp...

The tax filing deadline is only a few weeks away so I wanted to share a little bit of info that may help you get some money back!  There are two consistent ways to get some money back for summer camp expenses; IRS deductions and employer reimbursements. IRS Deduction

The IRS offers a deduction on child care of up to $3,000 per dependent or up to $6,000 for two or more dependents.  You should be able to claim this deduction for summer camp as long as sending your child(ren) to camp allowed you to work or look for work during that time.  All you need to do to claim the deduction is fill out IRS form 2441 and provide the camp name, address, and Federal Tax ID #.  Make sure you hold on to proof of payment to back up the deduction.  Links to this deduction below:

http://www.irs.gov/pub/irs-pdf/f2441.pdf

http://www.irs.gov/taxtopics/tc602.html

http://www.irs.gov/uac/Ten-Things-to-Know-About-the-Child-and-Dependent-Care-Credit

Employer Reimbursement

Many employers - especially large corporations - offer their employees reimbursement for summer camp expenses for their kids.  It helps productivity over the summer because workers are not worrying about their unsupervised kids at home.  Companies will have different rules regarding reimbursements but hanging on to proof of camp purchase, Federal Tax ID#, etc would be a great start.

If you need our Federal Tax ID# or proof of payment for previous years' Water Monkey enrollment please feel free to call or e-mail!

(I am not an accountant or tax professional so make sure to talk to your accountant before making any extra deductions!)