Summertime Tax Tips

Here are some tips, that you can start thinking about this summer, on how to save next tax season.

• Summer Jobs and Taxes
  • ALWAYS fill out a new Form W-4  at each new job, when you are hired. This will determine if you get a refund, owe taxes, or are tax balanced, when you file your tax return.
• Some Ideas for Summer Jobs
  • Babysitting
  • Mowing Lawns
  • Waiter/Waitress
  • Camp Counselor
  • Newspaper Carrier
  • Delivery Person
    • Be aware of what jobs are considered self-employed, and also note that cash tips are considered part of your taxable income.
• Summer Wedding Tax Breaks
  • https://jellisoncpa.com/are-you-having-a-summer-wedding/
• Send Your Kids to Summer Camp and Save
  • https://jellisoncpa.com/summer-really-is-right-around-the-corner/
• Employ Your Children
  • You can receive a tax break if you employ your children (under the age of 18).
    • You can deduct the wages you pay your children from your own taxable income.
• Taxes on Gambling Winnings
  • If you win big at a casino this summer, make sure to report your winnings on your tax return.
• Storm Season Damage
  • Sadly many are victims of wind, water, and fire damage during the summer storm season.
    • If this has happened to you, or anyone you know, make sure to deduct the reduction in value of your damaged property as casualty loss on your tax return.

There are a plethora of ways to save this summer. Make sure you are aware of the different possibilities; you’ll thank yourself later!