SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Baum, Smith & Clemens, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
2060 Detwiler Road, Suite 125, Harleysville, PA 19438
Phone: 215-368-5755
Fax: 215-368-7038
Email: info@bsccpas.com
Website: www.bsccpas.com
May 2024
Child & Dependent Care Tax Credit
Parents paying for school-age children’s day camp this summer may be eligible for the federal child and dependent care tax credit (CDCC). Note that it’s available only for the expense of day camp, not overnight camp. But there is more to it.
WHO QUALIFIES?
The CDCC generally helps parents or caregivers cover the cost of qualified care expenses for a child under age 13 or a spouse or other dependent (a parent, for example) who is mentally or physically unable to care for themselves and will have lived with you more than half of 2024.HOW MUCH?
You may deduct only a percentage (20% to 35%) of qualifying expenses. For anyone with $43,001 or more adjusted gross income in 2024, that percentage is 20%. The credit is further capped at $3,000 a year for one dependent or $6,000 for two or more.CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.