Spring is typically known as tax season, and you may be thinking now that it’s officially summer, you can stop thinking about your taxes until next year. However, that’s not the case. As a responsible business owner or individual, it’s vital that you take the necessary steps to ensure you’re on top of your taxes all year long. Luckily, at 1st United Tax and Accounting in Pearl, we have the tips you’ve been looking for! Continue reading below for Sellena’s summertime tax tips, and don’t hesitate to reach out to our experts if you’re in need of assistance.
Take Advantage of Summer Child Care Tax Benefits
If you have children that are of school-age, summertime usually means finding a reputable daycare or babysitter to watch them while you’re at work. While this can obviously be costly, there are tax benefits available that can help offset some of the expenses. The Child and Dependent Care Credit allows eligible taxpayers to claim up to 35% of their qualifying child care expenses, up to $3,000 for one child or $6,000 for two or more children. So, if you’re paying for summer child care, make sure to keep all of your receipts and tax documents in order so you can take advantage of this credit come tax time.
Adjust Your Income Tax Withholding
During the summer months, many people take advantage of warmer weather and go on vacation. If you know you’ll be taking some time off from work, it’s a good idea to adjust your income tax withholding accordingly. This way, you can avoid getting hit with a big tax bill when you file your return next year. You can easily adjust your withholding by completing a new W-4 tax form and submitting it to your employer.
Make Your Quarter 2 Estimated Tax Payment
If you’re self-employed or have income that isn’t subject to withholding, you’re required to make estimated tax payments throughout the year. These payments are typically due on April 15th, June 15th, September 15th, and January 15th. So, if you haven’t already made your second quarter estimated tax payment, now is the time to do so! Once you make the payment, you’ll be able to move on and enjoy your summer without the payment looming over your head.
Deduct Damages or Losses From Summer Storms
Summer storms can cause a lot of damage, both to your home and your property. If you live in an area that’s prone to severe weather, it’s a good idea to be prepared for the worst. This way, if you do experience damages from a summer storm, you may be able to deduct them on your tax return. Be sure to save all of your receipts and documentation so you have everything you need come tax time.
As you can see, there are a few things you should be thinking about when it comes to your taxes this summer. However, you don’t have to worry — the experts at 1st United Tax and Accounting are here to help. If you have any questions or need assistance with your tax preparation, give us a call or stop by our office in Pearl today!