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
  • Send Your Kids to Summer Camp and Save
  • 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!

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