When trying to determine tax settlement strategies, the best is to not incur the balance to begin with! Here is one tip to help you lower your tax liability.
If you paid for someone to provide care for your child while you, your spouse, or both were either working or looking for work, you may qualify for the child and dependent care credit. Certain expenses and providers qualified for this credit, and summer day camps are one of those qualified expenses.
Depending on the parents’ income, the credit can be up to 35 percent of the qualifying expenses. For one qualifying child or dependent, parents may use up to $3,000 of the un-reimbursed expenses paid in one year, and up to $6,000 for two or more qualifying individuals.
If you have a tax settlement issue and believe this, or other tax credits were overlooked on your past tax returns, the licensed tax experts at Professional Tax Resolution may be able to help lower or even eliminate your tax debt liability. There are time limitations for your tax settlements, so don’t delay and call us for a free quote.