Summer Camp, Did You Know?
by CashTime Loan Centers
Summer Camp is expensive.
Now that we’ve got that out of the way, let’s focus on the facts dealing with what can be done to reduce the financial burden. There are quite a few myths about the expense of summer camp, and the impact on your taxes. Let’s review some of good and bad when it comes to summer camp and your tax filing.
Some of the expenses you weather in preparation for summer camp can, in fact, be deductible:
• Vaccines, Doctor Fees and Physicals are considered preventative car and are deductible.
- Remember these medical expenses are only deductible if you itemize, and only if the total medical expenses for the tax year exceed a certain percentage of your adjusted gross income. Refer to your current tax code for to determine if you meet the minimum requirements.
• If you work or are looking for work while your child attends summer camp, some of the cost of your summer camp could qualify as the child and dependent care expense credit on form 1040 of your tax return.
- Keep in mind, athletic, artsy, or scientific camps can qualify. But a sleepover or overnight camps will not qualify.
• Although it may cost you a pretty penny, the supplies you purchase in preparation for summer camp will not be deductible. All of the camp specific clothing, athletic equipment, food and travel expenses are not deductible. Even if your child will never wear clothing or use equipment outside of summer camp, these personal in nature expenses are your burden….sorry.
• If you change your mind and the cost is not refundable, you’re stuck and won’t be able to claim your camp fee as a credit.
• Unemployed or stay at home partners will render your ineligible for the credit, unless of course you are actively seeking employment (looking for a job).
Information is king, and hopefully we’ve provided a glimpse into the positive and negative aspects of summer camp expenses. As always, if you need assistance in covering emergency expenses, look to Cash Time Loan Centers. Those with less than perfect credit may not “up the creek without a paddle” (See what we did there?). 17 years as the leader in Arizona title loans and personal loans goes a long way. Enjoy your summer!!!