Michael Milazzo photo

Michael A. Milazzo, CLU, ChFC

Registered Principal

 

The Meridian Financial Company

3350 Club Villas Dr SE, Unit #1303

Southport, NC 28461

 

Phone:  631-979-4223

Fax:      910-854-0002

 

Email: meridian@ae.cadaretgrant.com

Website: www.merfinco.com

May/June 2024

Help with Summer Camp Costs

Keep nature close and your friends closer. Shot of a group of teenagers having fun at summer camp.

Parents who send their child to summer camp may be able to deduct some of their expenses. The Child and Dependent Care Credit provides a tax break to working parents or guardians of children age 13 or younger or a dependent who is disabled. Parents who are full-time students or who are unemployed and looking for work may also qualify for the credit.


How Much?
You can claim expenses for the cost of sending your child to a day camp or summer camp. Sports camps are included, but overnight camps are not eligible. The credit is calculated based on your income and a percent of the expenses you incur to work, go to school or look for employment. The credit covers up to a maximum of 35% of $3,000 of qualifying costs for one child or up to $6,000 for two or more children.


To Claim the Credit
You must be the parent or primary caregiver of the dependent you’re claiming. You also must have earned income and require daycare services to either work, seek employment or attend school.


Eligible Expenses
You can claim expenses for more than just summer camp. Also eligible are:
  • Babysitting and daycare center costs

  • The cost of home help when the provider is involved in caring for a qualifying child or dependent

  • Before and after school care

  • Cost of a nurse, home care and other services for disabled dependents


The child care provider cannot be a dependent, spouse or parent, even if you pay them a salary.


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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
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