Close of Summer

​We are now approaching Labor Day weekend and even if astronomically we are not leaving summer for a few more weeks, everyone returning to school says that the season is really over. I did want to mention a couple things about that season still, though, before we leave it behind.

First, when the kids are home for the summer, this can often leave families who don’t need childcare during the school year with an extra bill for those months. And although this then certainly can add a little bit of financial stress at the time, if you hold onto the receipts documenting the care, it can help a bit with a credit come tax time.

One thing I especially wanted to highlight with this is that this doesn’t have to only involve what is traditionally thought of as childcare but can also include expenses for summer camps that kids under 13 attended.

As a final note, this credit does have a maximum, so it’s not as if you will see every dollar spent coming back to you, but it could still be thousands of dollars that won’t feel so bad that you had to pay if you take advantage of the credit.

And now with everyone returning to school, remember that does not only include students, but also the teachers at the head of the classroom. But they can also enjoy a little tax relief with a deduction for classroom expenses that they pay for out of their pocket. Granted, the limit for this is $300 – and this seems painfully small for what I imagine many teachers end up paying out of their pocket over a school year - but hey, it’s still $300 that a teacher can get for a deduction by saving a few receipts.

And hey, maybe one can even get some of that by buying pumpkins for a classroom project come fall. There has to be something good about that season, too, no?

Warmly,

Josh Bousquet
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