Upon doing some research on this topic, I’ve found a new credit that you can claim in 2011. Many of you will be familiar with the Children’s Fitness Tax Credit (click on the link here if you want more information on that). This new tax credit is effective in the tax year of 2011 and subsequent years. It is called the Children’s Arts Tax Credit and can be used to claim up to $500 for each of your children under 16 years of age. Please look at the website for detailed information, but the basics are here:
Eligible Programs – (each program has a specific percentage of eligible activities required)
Eligible Activities “Eligible activities will include an activity that:
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