Summer activities could be tax write-off
Despite a cold, snowy start to spring, summer is just around the corner and your children likely have several activities to keep them busy.
The Minnesota Department of Revenue wants to remind parents that some activities, like academic camps, dance lessons, and summer tutoring, could qualify for a valuable K-12 tax credit on their 2013 Minnesota return.
MN Revenue Commissioner Myron Frans said, “The first step is saving the receipts for these activities as well as the receipts for school supplies they purchase later in the summer.”
There are two tax provisions that help Minnesota families pay expenses related to their child’s education: the refundable K-12 education credit and the K-12 education subtraction. Both programs reduce the tax parents must pay and could provide a larger refund when filing a 2013 Minnesota Individual Income Tax Return.
To qualify, parents must have purchased educational services or required materials during 2013 to assist with their child’s education, and the child must be attending kindergarten through 12th grade at a public, private or home school.
For more info, www.revenue.state.mn.us.