If you pay child-care expenses so that you and your spouse can work, look into claiming this credit. Your child must be under the age of 13 to qualify for this credit. The credit is also available for the expenses of caring for a disabled spouse or other disabled adult dependent while you work.The minimum credit rate is 20%, on the first $3,000 of expenses (6,000 for the care of two or more qualifying dependents).
The expenses which qualify also include the costs of summer day camp. However, the cost of overnight camp does not qualify.
Before claiming this credit please consult with your tax advisor.
Monday, March 1, 2010
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