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Don't deduct overnight camp, but …
When school lets out for the summer, working parents face a child-care dilemma: what to do with the youngsters while Mom and Dad are at the office.
Some families send the kids off to camp. That's a great experience for the kiddos and eases, at least temporarily, parental child care concerns.
But sleep-away camps are not tax-deductible.
However, if you decide instead to keep the kids at home and simply send them to day camp during the hours you're working, that expense could qualify as a claim for the child- and dependent-care credit.
For one child, you can count up to $3,000 of care expenses each year toward the credit. The expense amount is doubled for the cost of caring for two or more dependents.
Your actual tax credit can be up to 35 percent of your qualifying expenses, depending upon your income. Since it's a credit, you get to use it to offset your tax bill dollar for dollar.
If you're getting a tax refund, consider where you might want to put it. Check out CD rates at Bankrate.