Tax Write Offs ... AKA All Sports Camps Count!

For those of you new (or old) that are wondering if the AKA All Sports Camp counts for summer child care and is eligible for tax credit...the answer is and has always been, yes!  (AKA Tax Id - 03-0545137)  You know who to contact to get your statement if you need. 

Here's some good information from a credible acquaintance.

Day camp costs are eligible for the child-care tax credit and employer-sponsored "flexible spending arrangements" (FSA). 

Many working parents who are sending their younger children to day camp this summer can count on the tax code to help subsidize part of the cost. 

For children under age 13, the cot of day camp is eligible for the child and dependent care tax credit.  Sending a child to day camp is also an eligible expense for employees who are paying child-care expenses through flexible spending arrangements for work. 

Only day camp costs count.  (AKA All Sports Camp approved!)  The cost of sending a child to sleepover camp isn't eligible for either the child tax credit or payment through flexible-spending accounts.

The child - and dependent - care credit covers expenses for the care of children under age 13 (or an incapacitated dependent of any age) while the parents are at work.  Generally, the credit applies to expenses of up to $3,000 a year for the care of one child and up to $4,800 for two or more dependents.

FSAs also provide tax savings.  Any salary set aside in an FSA to pay eligible dependent-care expenses is exempt from income tax and Social Security tax.

If you have any further tax questions, you're better off asking your accountant.  :)  However if you need a statement or anything, be sure to let us know. 

Good luck...  AKASPORT (EIN #03-0545137)