If you sent your child to day camp this summer, you may be able to offset some of the costs by claiming the child and dependent care tax credit. To claim the credit, a taxpayer must have earned income. The credit is calculated based on income and a percentage of the expenses incurred for the care of a child to enable a parent to work, look for work or attend school. Depending on income, taxpayers can receive a credit worth up to 35% of their qualifying childcare expenses. At minimum, it’s 20% of those expenses. For 2024, the maximum eligible expense for the credit is $3,000 for one qualifying person and $6,000 for two or more. Contact us for help determining if you qualify for the credit.
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