5 Tax Saving Summer Tips

by Stephanie
(Sonoma County)

5 Tax Saving Summer Tips

5 Tax Saving Summer Tips

This summer while you are out and about doing your summer activities, keep in mind that some of your summertime adventures my qualify for tax deductions or credits.

Following are 5 tax saving summertime tips from the IRS that could help you to lower taxes and avoid issues when it's time to do your income taxes.

1) Getting Married: If you are planning on getting married over the summer, there are some things you can do now to help avoid problems later at tax time.

First, make sure to report any name change to the Social Security Administration right away before filing your next tax return.

Next, report any address changes to the USPS, employers and the IRS to insure you get all of your tax documents in one place so these things won't cause any delays for you later.

2) Cleaning House: If you are like me you like to do some summertime cleaning up of your house.

When cleaning up and finding items to get rid of, make sure to set aside items that are in good condition.

These items can then be donated to a qualified charity so that you may qualify for a tax deduction if you itemize deductions on your tax return.

Make sure to get a receipt for proof of the deduction.

3) Remodeling Home: Many people also like to do some remodeling projects on their home, vacation and rental properties during the summer when the whether is nice.

Make sure to keep all your receipts for any and all repair work done as this could potentially be a write-off on your tax return if you use any portion of the homes for business.

You will also want this information in case it adds to your basis for when you sell the property later.

4) Volunteer Services: When you volunteer your time for community services, fundraisers, coaching, etc., make sure to log the expenses you pay for and the mileage that you drive.

You can possibly deduct your out of pocket expenses as charitable donations and you can get reimbursed for the miles you drive as well.

5) Summer Day Camp: There are many working parents out there who send their kids to camp during the day over the summer to help in part with childcare.

If this applies to you and your child is under 13 years old, this may qualify you for the child and dependent care credit on your tax return.

Don't forget to keep these 5 tips in mind over the summer to help save you any headaches and money at tax time.

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