Summertime has officially arrived. The weather is heating up. The kids are out of school. People are putting on their flip-flops, getting out their grills, and enjoying some time off from their jobs or from their hectic schedules as business owners. Perhaps you plan to take a summer vacation or send your kids to summer camp. No matter what’s on your leisure-filled agenda, here are some summertime expenses you may be able to write off to increase your tax refund in 2015:
— Travel expenses
If you tie in some business-related activities into a summer vacation you take with your family, you may be able to deduct some of the costs of your trip. In fact, the IRS often allows the majority of a trip to be claimed as a write-off if the majority of it is spent conducting business in some fashion. So if you take the kids to Disney World and have a client to meet with in Florida, you can write off the expenses you incur when meeting with this client. These may include the cost of a meal, a cab fare, or the price of a rental car.
— Summer day camp expenses
Are you sending your kids to camp this summer to keep them occupied during the day? If so, the camp fees you pay may qualify as a write-off. Summer day camp expenses are tax deductible if you put your kids in a camp so that you can either work at your current job or look for work. There is also a Child and Dependent Care Credit that you may be able to claim to reduce your taxes. This credit is valued at up to $1,050 of the costs for one child under the age of 13 and a maximum of $2,100 if you have two or more kids who are under 13. For children who are disabled, the IRS does not put any age limit on this tax credit. The main caveat to saving on summer day camp costs is that overnight camps do not qualify.
— Charitable donations
With more free time, summer is the perfect time of year to start cleaning out your closets and getting rid of things you just don’t have a need for anymore. Instead of throwing these items away, consider donating them to local charities that might be able to fix them up or give them to underprivileged children and their families. As long as you contribute to a qualified charity and receive a receipt or handwritten acknowledgement from the organization you donated to, you can deduct this contribution when filing your tax return next year.
— Costs of searching for a summer job
Perhaps you are a schoolteacher or have a seasonal job that doesn’t involve work opportunities during the summer months. Maybe you want to re-launch your previous career or find a better-paying job in your field. You can write off resume writing fees, the costs of using any online paid job boards, and even travel expenses you incur to either look for or actually land a new gig. Remember that even if you spend money on a job search but don’t actually get one, the IRS generally allows these expenses to be deductible. The main factor at play here is that any new job you secure should be in your general industry in order for your job search costs to qualify for a write-off.
1-800Accountant can assist you in finding tax deductions or credits to claim to reduce your taxes and how much you have to pay the IRS. The national accounting firm will give you the best chance of receiving a tax refund as well. Learn more by calling 1-888-749-0117 or by visiting www.1-800Accountant.