The dog days of summer are upon us. The sun is shining bright and hot, and if you’ve planned it right, your kids are occupied at camps and pools. All is perfect. Well, almost. Wouldn’t it be nice to be off work for the summer like the kids are off school? If you’re like many parents, you don’t have this luxury and must figure out what to do with your kids while you’re at work. Let’s think about some options: day care, summer camp, Grandma and Grandpa’s house. While each of these options has different appeals, let’s discuss the tax considerations.
Jean M. Willard, CPA, is a principal in the Middleton offices of Reilly, Penner & Benton, LLP. A University of Wisconsin-Madison graduate, she has worked in public accounting with a focus on helping small business and individual clients.