Like many parents, you may send your children to day camp during the summer. But did you know this might make you eligible for a tax break?

Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000), subject to a cap. For 2012, the maximum expenses allowed for the credit are $3,000 for one qualifying child and $6,000 for two or more.

Be aware, however, that overnight camp costs don’t qualify for the credit.

Many valuable tax breaks expired at the end of 2011. But they aren’t dead in the water; it’s likely Congress will revive at least some of them. Here are several that may benefit you or your business if extended:

• The alternative minimum tax (AMT) “patch” (higher AMT exemptions and exemption phaseout ranges),
• The deduction for state and local sales taxes in lieu of state and local income taxes,
• The deduction for qualified higher education tuition and fees,
• Tax-free IRA distributions to charities,
• 100% bonus depreciation,
• The research tax credit,
• Accelerated depreciation for qualified leasehold improvement, restaurant and retail improvement property, and
• Various energy-related tax incentives.

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