As any parent knows, kids are expensive especially once they can walk, talk, and play sports or other extracurricular activities. To help with these expenses, the government offers the Child and Dependent Care Credit. This credit is up to $1,050 for one qualifying person or $2,100 for two kids. It is important to know that you don’t have to spend money on both kids to get the full credit. so if one kid spends summer with grandma (free!) and the other spends it at that pricey circus camp they have been dying to go to, you may be able to get the full $2,100 credit.
To qualify, the expense must be incurred for a dependent under age 13, or in some limited instances, a disabled person. the care must have been incurred so that you and your spouse (if married) can work or look for work. Lucky for those parents looking to raise the next superstar athlete, sports camps count if those requirements are met.
If you have any questions about the Child and Dependent Care Credit give us a call at 816-524-4949 or visit our website at www.Hoorfarlaw.com.