School is out, the days are long, and your kids are restless. You may be in need of something to keep your kids active and entertained. But what? Did you know that common summer activities for your children such as summer camp, the zoo, museums, botanic garden, arboretum, and even participation in amateur athletic organizations can provide tax deductions for you?
Some or all of the costs of memberships to organizations that qualify as nonprofit 501(c)3 organizations such as The Chicago Botanic Gardens, Children's Museum, Shedd Aquarium, and Brookfield Zoo can be tax deductible even when gifted to someone else. Often times, the cost of a family membership can pay for itself in as few as two visits for a family of four.
Additionally, summer day camp expenses in addition to in-home care by a sitter or nanny may count toward the child care credit on your taxes if both parents are working. Some things that will need to be considered are the age of your children, how many children you have of qualifying age, and your gross income. This is something that we can help you figure out.
Just remember to keep your receipts for these expenses in a safe place so that you can reap the tax benefits when you file in the next calendar year.
Additionally, summer day camp expenses in addition to in-home care by a sitter or nanny may count toward the child care credit on your taxes if both parents are working. Some things that will need to be considered are the age of your children, how many children you have of qualifying age, and your gross income. This is something that we can help you figure out.
Just remember to keep your receipts for these expenses in a safe place so that you can reap the tax benefits when you file in the next calendar year.
If you have any questions regarding your personal taxes and other exemptions you may qualify for, please feel free to contact Glick and Trostin, LLC at 312-346-8258.
Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein. No one should rely upon the information contained herein as constituting legal advice. The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader's facts and circumstances.
Disclaimer: The materials on this website are provided for informational purposes only and do not constitute legal advice. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship between any attorney and any other person, group or entity. No representations or warranties whatsoever, express or implied are given as to the accuracy or applicability of the information contained herein. No one should rely upon the information contained herein as constituting legal advice. The information may be modified or rendered incorrect by future legislative or judicial developments and may not be applicable to any individual reader's facts and circumstances.
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