Tax season may seem like a long ways away, but you need to be thinking about your tax obligations over the summer. Some of the things that you do over the course of the summer months can impact your taxes, and you should consider talking to a tax professional at Brennan & Company CPA, PC.about what you should be doing now so you are ready when April comes. We can offer summer tax tips so you are not caught off guard in tax season.
One thing to be aware of is that summer camp expenses may be deductible expenses. It is possible to claim expenses for summer camp if you are working. This is because the summer camp can be considered child care, and child care expenses may entitle you to a tax credit.
You should also be aware that if you have a garage sale or a yard sale, you may need to declare income that you make. This depends upon what the cost of goods sold was and whether or not you make a profit. If you are one of those lucky “trash pickers” and find a valuable or rare object among the junk at a garage sale, such rare finds are referred to as a “treasure trove” and are immediately taxable to the recipient.
Brennan & Company CPA, PC summer tax tips can help you to be prepared for tax season or any season. Call us at 215.951.5585 or “like” us on FaceBook .