June 29, 2016
Tax Tip: Rules for Home Office Deductions

You May Be Able to Deduct Childcare Expenses

You May Be Able to Deduct Childcare Expenses “You May Be Able to Deduct Childcare Expenses”, If you pay for summer care for your children so you can work or look for a job, you may be able to deduct those expenses on your federal tax return. Here’s what the IRS wants you to know: You can only deduct expenses for the care of a qualifying dependent such as a child under age 13. You must be paying for care so that you or your spouse can work. Qualifying care includes home care, daycare, or a day camp. Overnight camps, summer school tutoring, or care by other dependents does not qualify. You must have earned income in the year in which you incur childcare expenses and the expense limit is $3,000 for one qualifying dependent or $6,000 for two or more. For more information about deductions for dependent care, visit IRS.gov or consult a qualified tax advisor. Tip courtesy of IRS.gov[12] 12 https://www.irs.gov/uac/keep-in-mind-the-child-and-dependent-care-credit-this-summer