All that bug juice and capture the flag could pay off big time this summer.
Working parents can save more than $2,000 on their taxes just by enrolling their kids in summer day camp, not to mention some other tax benefits of the season.
That can go a long way toward reducing the rising cost of day camp, which is about $314 a week, on average, according to the American Camp Association. And it's much more at some for-profit camps.
Thanks to the Child and Dependent Care Credit, you may receive a credit when you file your return for up to 35 percent of $3,000 in child care and camp costs for one child or $6,000 for two or more children, depending on your income. That translates to as much as $1,050 for one child and $2,100 for two or more children if they are under the age of 13.
"Those credits are a dollar-for-dollar reduction in your tax liability," said Lisa Greene-Lewis, a CPA at TurboTax. "It's definitely a nice savings."
The same goes for music camps, athletic camps, mini camps or day-care programs over the summer if you are single and working, or if both parents are working. However, if there is a spouse at home to care for the children, the credit won't apply.
Overnight camps, despite being a rite of passage for some, also do not qualify for the credit, since they're not considered day care, Greene-Lewis said.