Save Summer Camp Receipts!

Good news from the IRS?

The Internal Revenue Service wants to remind working parents that summer day care expenses may qualify for an income tax credit.

So save up those receipts from your kid's summer camp. 

“Many parents who work or are looking for work must arrange for care of their children 12 years of age or younger during the school vacation," said IRS spokesperson Gregg Semanick. “Those expenses may help parents get a credit on next year’s tax return.”

A popular child-care solution — with favorable tax consequences — is a day camp program.

Unlike overnight camps, the cost of day camp counts as an expense towards the child and dependent care credit, explained Semanick. Of course, even if your childcare provider is a sitter at your home, you'll get some tax benefit if you qualify for the credit.

Here are five facts the IRS wants you to know about a tax credit available for child care expenses.  

• The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the year.  
• The cost of day camp may count as an expense towards the child and dependent care credit. An expense for an overnight camp does not qualify.  
• If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit.  
• The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.  
• You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.  

For more information check out IRS Publication 503, Child and Dependent Care Expenses. This publication is available on the IRS website, IRS.gov or by calling 800-TAX-FORM (800-829-3676).