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MEDIA ALERT: Ready to Move Up from Day Camp to Sleep-Away Camp?

July 24, 2018

--(BUSINESS WIRE)--Jul 24, 2018--Wolters Kluwer Tax & Accounting:

What: Taxpayers with dependents should be relieved to know that The Tax Cuts and Jobs Act (TCJA) preserved the Child and Dependent Care Credit. The credit is available for the care of dependents under the age 13 or with a disability of between 20 and 35 percent of the expense, applied to a maximum of $3,000 of qualifying expenses for one dependent or $6,000 of qualifying expenses for two or more dependents. However, to qualify, there are several requirements to consider. For example, the expense must be related to permitting the parents to work or look for work. While a day camp for the kids may be considered work-related, an overnight camp is not considered work-related.

Why: To take maximum tax advantage, taxpayers should understand how the Child and Dependent Care Credit applies to various care options available during the summer. It’s important to determine the following:

Who is a qualifying person? What is the earned income test? When is the expense work-related? What are the qualifying expenses? What information is required concerning the care provider? How is the credit calculated? How is the credit affected by any dependent care benefits received through your employer?

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss the requirements to qualify for the Child and Dependent Care Credit.

Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:

View source version on businesswire.com:https://www.businesswire.com/news/home/20180724005254/en/

CONTACT: Wolters Kluwer Tax & Accounting

NICOLE YOUNG

347-931-1055

N.Young@wolterskluwer.com

or

BRENDA AU

847-267-2046

Brenda.Au@wolterskluwer.com

KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES ACCOUNTING FINANCE CONSUMER FAMILY

SOURCE: Wolters Kluwer Tax & Accounting

Copyright Business Wire 2018.

PUB: 07/24/2018 08:00 AM/DISC: 07/24/2018 08:01 AM

http://www.businesswire.com/news/home/20180724005254/en

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