Suraj Accounting and Tax Services

IF YOU PAY, THEY MUST SIGN.
Tax preparers who charge a fee to do your taxes, but never sign your tax return are breaking the law. No signature? Means no accountability. No proof of existence.

Hiring a tax preparer (often referred to as "ghost tax preparers") will increase your chances for tax fraud, penalties and additional taxes.


The individual name of the tax preparer (typed or handwritten) is required on state and federal tax returns they prepare for a fee. An IRS Preparer Tax Identification Number (PTIN) is also required on your federal tax return.

Child and Dependent Care tax credit can help offset summer day camp expenses

WASHINGTON – The Internal Revenue Service today reminded taxpayers that summer day camp expenses may count towards the Child and Dependent Care tax credit.

Many working parents arrange for care of their younger children under age 13 during the summer. A popular solution is a day camp program, which can sometimes also lead to a tax benefit. Taxpayers who pay for the care of a child, or other qualifying person, so they could work or look for work may be able to take the credit for child and dependent care expenses.

Unlike overnight camps, the cost of day camp may count as an expense towards the Child and Dependent Care credit.

How it works

Taxpayers must have earned income to claim this credit. The credit is calculated based on income and a percentage of expenses incurred for the care of qualifying people to enable taxpayers to work, look for work or attend school.

Depending on income, taxpayers can get a credit worth up to 35% of their qualifying childcare expenses. At minimum, it’s 20% of those expenses. For 2024, the maximum eligible expense for this credit is $3,000 for one qualifying person and $6,000 for two or more.
Reimbursed expenses, such as from a state social services agency, must first be deducted as work-related expenses used to calculate the amount of the credit.
The amount of work-related expenses used to figure the credit generally cannot be more than earned income for the year if single, or the smaller of a spouse’s income, if married.
Taxpayers who claim it must list the name and address of the day camp on their return, along with the taxpayer identification number unless an exception applies.

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Taxpayers requesting a filing extension on their federal return will have until Oct. 16, 2023. Filing an extension doesn't push back your payment deadline, though. You still need to submit anything you owe on time to avoid late penalties.

My passion is providing business owners with financial information they need to grow their businesses and realize maximum profitability while minimizing tax liability. I give Business Owners more time to do what they do best by taking bookkeeping off their schedules.
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Don't continue to let your bookkeeping get in the way of your business!