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Summertime Tax Planning

Published by Adam Hale on 12 Jun 2015

Summer is almost here but this is not the time to ignore your tax planning. Here are some tips for your summertime tax review.

* Are you a parent and a sole proprietor? You may want to consider putting your children on the payroll during the summer months. Remember, any wages paid to your children under the age of 18 are not subject to social security and Medicare taxes. Their earnings are also not subject to federal unemployment tax until they turn 21 years of age.

If the employment of your child is not an option for you, you may still be able to get a deduction for sending them to summer camp. The day camp expenses for children under the age of 13 may provide a tax credit of figure_in_hammock_12789_-_Copyup to 35%. Though, overnight camps do not qualify for deductions, and child-care must be necessary to allow the parents to work.

* Selling a home and moving is relatively common in the summertime so on the lookout for any deductions that are related to these activities. Be sure to file your home sale or purchase paper work for next year’s taxes. If your move was job related there is the potential for some additional deductions if you meet the 50 miles or more criteria.

* Are you planning on some leisurely travel this year? Tacking on a few days either before or after one of your business trip may just be a tax efficient way to pay for a vacation as long as you follow all the rules.

* Travel that is primarily done for charitable work may also qualify for a tax deduction.

Winter, summer, spring or fall, it’s always a good time to review you tax plan to ensure that you are on the right track with your estimated tax payments as well as your withholdings.

For a more detailed analysis of your business, contact our office at (260)497-9761 to schedule an appointment with our Virtual CFO to ensure that your business in on the right financial track. Utilizing modern technology we have the capability to assist you virtually anywhere in the USA.

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