Don’t wait until Fall to schedule something…too much of the year will have passed by then….Schedule it now so you are more likely to get it done.\u00a0 Don’t let the warm weather go straight to your head. Make a point to review your tax plan and make effective changes while you still can this year.
\nIt’s tempting to take a break from everything this summer, but you may regret it come tax season if you push off tax planning. Here are some tips to help you keep your head in the game even when your feet are in the pool:
\n\u2022 If you are a sole proprietor with children, consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to Social Security and Medicare taxes. What’s more, their earnings are not subject to federal unemployment tax until they turn 21.If employing your children is not an option, you might still be able to score a deduction by sending them to summer camp. Day camp expenses for kids under 13 can provide a tax credit of up to 35 percent. Just remember, overnight camps do not qualify, and usually both parents must work to claim this credit.
\n\u2022 Keep in mind that tax deductions for moving have been limited. The recent tax code changes have eliminated the moving expense deduction. That means most taxpayers will no longer be able to deduct moving expenses. There are exceptions to the new rule, so know before you move what the tax impact of a move will be for you.
\n\u2022 Business and pleasure can mix \u2013 if you follow the rules. Perhaps your sights are set on some leisure travel. Tacking on a few fun days before or after a business trip might be a tax- and cost-efficient way to pay for a vacation. But you have to follow all the rules if you want your business travel to remain tax-deductible. Travel that is primarily for charitable work might also qualify you for a tax deduction.
\nNo matter what your summer plans are, this is always a good time for a general tax checkup to ensure your withholdings and estimated tax payments are on target. For help with any of these issues, contact our office to schedule a review of your particular situation and how to make the new tax law make sense for you.<\/p>\n","protected":false},"excerpt":{"rendered":"
Don’t wait until Fall to schedule something…too much of the year will have passed by then….Schedule it now so you are more likely to get it done.\u00a0 Don’t let the warm weather go straight to your head. Make a point to review your tax plan and make effective changes while you still can this year. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n