Working parents should be
aware that the child and dependent care tax credit is available to offset some
of the expenses for child care. Six facts the IRS wants taxpayers to know about
the credit:
● Children
must be under age 13 to qualify for the credit.
● The credit
applies whether the childcare provider is a sitter at home or a daycare
facility.
● The credit
applies for up to $3,000 of expenses for one child and up to $6,000 for two or
more.
● The credit
can be up to 35% of qualifying expenses, depending on your income.
● Overnight
camps don't qualify; day camps do.
● Keep
receipts for expenses, and get the employee ID number of the care giver.
