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| Tax Tips: Summertime Can Be Tax-cutting Time |
Nila Rakhit, CPA
06/09/2009
Summertime can be tax-cutting time
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As warm summer days arrive, you may be tempted to forget about serious things like taxes. But that could lead to a higher 2009 tax bill. Here are just a few summertime tax-saving ideas to consider.
* If spring cleaning left you with outgrown clothing and household items you no longer use, donate them to charity. Items in good used condition qualify for a tax deduction.
* If you and your spouse work, consider sending your children to a summer day camp. The cost may qualify for the dependent care tax credit.
* If you operate an unincorporated business, consider hiring your children to work for you this summer. You can deduct reasonable wages paid to them for the work they perform, and there's no social security tax on their wages if they are under age 18.
* Summer is great for entertaining customers or clients. Keep records of the cost, the date, which was entertained, and what the business purpose was. Your tax deduction is limited to 50% of your cost.
* Combine business with your summer travel, and you may be able to take a tax deduction for the business portion of your costs.
Remember, money saved is money earned.
We hope our tax tips have benefited you in your tax planning over the past year. We would like to help you maximize your tax savings.
Give us a call at 617-678-4021 for tax-cutters suited to your specific situation.
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