Quick Guide to the Child and Dependent Care Tax Credit
Do you send your children to Summer Camp because you must work or look for a job?
Do you care for your disabled Spouse or other dependent?
If so, you may be eligible to deduct Dependent Care Expenses on your 2017 income tax return.
There are certain eligibility requirements to take advantage of this deduction. The requirements include, but are not limited to:
- The person for which you are claiming the deduction must be “Qualified”. (i.e. your child under the age of 13, disabled spouse or other dependent that lived with you more than half of the year)
- The expenses incurred must have been necessary so the taxpayer could work or look for work.
- The taxpayer must have earned income.
Since every family is different, special circumstances may apply.
Please contact Thomas M DiTullio Accounting so we may discuss your situation and, if eligible, take advantage of this Tax Credit in the upcoming 2017 tax year.