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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

May/June 2024

Help with Summer Camp Costs

Keep nature close and your friends closer. Shot of a group of teenagers having fun at summer camp.

Parents who send their child to summer camp may be able to deduct some of their expenses. The Child and Dependent Care Credit provides a tax break to working parents or guardians of children age 13 or younger or a dependent who is disabled. Parents who are full-time students or who are unemployed and looking for work may also qualify for the credit.


How Much?
You can claim expenses for the cost of sending your child to a day camp or summer camp. Sports camps are included, but overnight camps are not eligible. The credit is calculated based on your income and a percent of the expenses you incur to work, go to school or look for employment. The credit covers up to a maximum of 35% of $3,000 of qualifying costs for one child or up to $6,000 for two or more children.


To Claim the Credit
You must be the parent or primary caregiver of the dependent you’re claiming. You also must have earned income and require daycare services to either work, seek employment or attend school.


Eligible Expenses
You can claim expenses for more than just summer camp. Also eligible are:
  • Babysitting and daycare center costs

  • The cost of home help when the provider is involved in caring for a qualifying child or dependent

  • Before and after school care

  • Cost of a nurse, home care and other services for disabled dependents


The child care provider cannot be a dependent, spouse or parent, even if you pay them a salary.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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