Can You Get Paid to Send Your Kids to Summer Activities?
We frequently hear about companies and a select few individuals obtaining tax breaks through unconventional, mythical methods. How about a practical one that can be used for something extremely important, like parents and their children?
You don’t have to hire some elusive high-top accountant to know that sending your child to summer camp or summer activities can be a tax benefit.
So how does it work?
The first and most common way:
Save the receipts! At tax time, if both parents worked, you may be eligible for dependent care credits. You will either need a letter from the childcare provider or gather this information. The information includes the provider’s name, address, Tax ID number, and the amount paid to them. Then all of this can be used to calculate how much credit you are eligible for.
Why chance it? We understand the ins and outs for our business owners and their families. [Contact Us]
Second way:
If you are an employee, some companies offer a dependent care account! It’s a similar concept to flex spending accounts, but for childcare instead of medical expenses. If the company offers this, the money is a pre-tax deduction from your paycheck.
Why is this beneficial?
Your “taxable income” goes down because you get “paid less,” in a sense.
So, the taxes coming out of the paycheck are less. You probably have to substantiate the childcare expense with the employer to get reimbursed from your funds. Be careful, since it’s a use-it-or-lose-it situation. If you opt for this method, you won’t be able to receive additional dependent care credits unless you exceed the amount deducted from your check.
Now you must be wondering: What activities can I take my child to? Well, we can help there too!
Kids can participate in some fantastic local summer programs, with Bowen’s TR Martial Arts being one of the highlights. They’ve got something special brewing at the moment, with a sweet deal you won’t want to miss out on. An exclusive offer of $50 off per week! Whether your child is an experienced martial artist or a complete beginner, this is a wonderful way for them to keep active and pick up some useful skills over the summer.
Why choose Bowen’s? Because, like you, they invest in excellence. Their summer camp isn’t just a time filler—it’s a character builder, set in a supportive, dynamic environment where young minds and bodies are primed to reach their full potential.
Ready to make a smart play? Hurry! The last camp is July 15th, 2024!
Step 1: Enroll at Bowen’s TR Martial Arts.
Step 2: Mention our partnership!
Step 3: Then watch as a typical expense becomes a transformative event for your child.
Even though navigating the complexities of tax law may seem daunting, this is a great opportunity for children to participate in group activities and take advantage of tax credits available at the same time. Are you considering this for your business or family? Don’t hesitate to call us at (770) 928-7229!