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

For those of you new (or old), who are wondering if the AKA All Sports Camps count for summer child care and are eligible for tax credit...the answer is and has always been, yes! And if you ever are in need of your AKASPORT Statement, you can always contact us at info@akasport.org and we’ll get you taken care of!
(AKASPORT Tax Id - 03-0545137) 

Here's some good information from the State of Minnesota.

• 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 cost 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 working.  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.

• FSA (Flexible Spending Accounts) 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 further tax questions, it’s best to ask your accountant or tax provider. 

I think we’re all looking forward to being done with tax season. Good luck to all, CS