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Beat The Heat With These Summer Tax Tips!1 min read
#1: Does your child have a summer job this summer? If so, you both may have questions about taxes. Read the answers to these three commonly asked questions:
- Is a tax return required?
- Can my child open an IRA?
- Are there tax breaks if my child works for me?
#2: Summer is a good time to take care of the tax and financial tasks you have been putting off, such as planning for college, retirement, and your estate for example.
#3: Summer is also a good time to do business entertaining. Keep records of the cost, the date, the attendees, and the business purpose. Your tax deduction is limited to 50% of the cost.
Need some ideas for entertaining? Have you considered the Ruth’s Chris lunch STEAK BREAK on August 5th? What about Taste of the Trucks at the Broadway Park on August 13th?. These are just a couple of ideas that you and your customers may enjoy!
#4: Enjoy tax free income this summer! If you are going to be out of town this summer, consider renting your home while you are gone. The IRS allows you to receive up to 14 days of rental income per year completely tax free.
With questions or for more assistance with your tax planning, please contact Simons Bitzer at (317) 782-3070.
By Simons Bitzer
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