 |
Further
Reading ...
|
|
Have You Done Your Hair Care Correctly?
Love your hair like you going to lose it. Hair is delicate, growing stuff which need to be handled with care. A lot of care will make your hair healthy, shiny and also beautiful. Beautiful hair is an asset for any woman. Some are gifted with...
Planning the Music for Your Wedding Ceremony
Planning the Music for Your Wedding Ceremony It’s safe to say that out of all the events for which you will gather your friends and family to celebrate your marriage, the wedding ceremony itself will be the most meaningful and, hopefully,...
A Surprise Baby Shower Can Be the Perfect Way to Celebrate
Throwing a surprise baby shower doesn’t have to be difficult. In fact, it can be fun for all involved. All it takes is a little patience, a few basic steps, and the cooperation of friends and family. A surprise shower does involve some secrets, so...
What does that new baby really need?
What your baby needs and may not need. There are so many gadget out on the market, so many cute little out fits, so many baby thing that we think we need, so many we don’t need. Simply Moms offers you a list to get you started and steer you...
|
|
|
Send Your Kids To Summer Camp and Write It Off
|
 |
Written By:
Richard A. Chapo
|
|
|
Send Your Kids To Summer Camp and Write It Off
If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.
The credit is a percentage, based on your adjusted gross income, of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can range from 20 to 35 percent of your qualifying expenses, depending upon your income.
For 2004, you may use up to $3,000 of the expenses paid in a year for one child or $6,000 for two or more children. These dollar limits must be reduced by the amount of any dependent care benefits provided by your employer that you exclude from your income.
To claim the credit for child and dependent care expenses, you must meet the following conditions:
1. You must have earned income from wages, salaries, tips or other taxable employee compensation, or net earnings from self-employment. If you are married, both you and your spouse must have earned income, unless one spouse was either a full-time - continued below ...
|
|
|
continued ...
student or was physically or mentally incapable of self-care.
2. The payments for care cannot be paid to someone you can claim as a dependent or to your child who is under age 19.
3. Your filing status must be single, head of household, qualifying widow(er) with a dependent child, or married filing jointly.
4. The care must have been provided for one or more qualifying persons identified on the form you use to claim the credit.
5. Your children must reside with you.
What is a “qualifying” child? The child must have been under age 13 when care was provided and you must be able to claim the child as an exemption on your tax return. A spouse who is mentally or physically unable to care for himself or herself also qualifies.
You should read IRS publication 503 or speak with a tax professional to learn more. Still, it is nice to know you can write off those swimming lessons.
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
|
|
|
|
 |
|
|
| _Additional Resources ... |
|
Brainstorm
Ever lost for ideas while working in a group? One of the most often-used technique for generating many ideas is Brainstorming. Alex Osborn, a partner in an advertising agency, developed brainstorming techniques years ago in 1941 to help his...
All I Want for Christmas is My Son Back
The holidays are upon us … and how they churn up our emotions. The expectations … the memories … the empty chairs … Somewhere there’s the Norman Rockwell family celebrating , but it was never at my house. Was it at yours? A client and I have in...
Movie Review: Harry Potter and the Prisoner of Azkaban
Harry Potter and the Prisoner of Azkaban review © 2004 by Donna Schwartz Mills Studio: Warner Brothers MPAA Rating: PG for frightening moments, creature violence and mild language Mom Rating: 5 out of 5 Kid Rating: 5 out of 5 Cast: Daniel...
|
|
|
|
|
|
|
|
|
|
