Summertime Expenses that Boost Your Tax Refund

Tax Deductions and Credits

Ahhh, the joys of summer.  The kids are out of school and now you can enjoy a more relaxed schedule.  But if you’re like most parents, you’re probably wondering how you’re going to keep your kids busy while saving money.

You may be considering entering the job market again this summer, but don’t know what to do with the kids and how to save if you are considering going back to work.

Whether you are a parent already working or you are planning to enter the job market again this summer, here are a few ways to boost your tax refund next year and get peace of mind this summer.

Summer Camp

Many are surprised to find that summer day camp may be tax deductible if you send your kids to camp so that you can work or look for work.

Under the Child and Dependent Care Credit, you may receive a credit up to $1,050 of your expenses for one child under 13 and up to $2,100 for two or more children under 13 and there is no age limit if they are disabled.  There is one catch though.  Overnight camps do not count.

Knowing about this little known tax credit may also help you decide if you are on the fence about going back to work.  This will also give you peace of mind knowing your kids are staying active in a safe place while you save money.

Summer Job Search

Now that you’ve made the decision to go back to work this summer or maybe you were already working and are just interested in what another company has to offer, you should know that you may be able to deduct your summer job search expenses if you are looking for a job in your same field of work.

You may be able to deduct some of what you shell out for resumes, outplacement fees, and even travel directly related to securing a new job.  Even if you don’t get a new job you can still deduct these expenses.

Summer Cleaning

Sadly, the summer goes by in a blink of an eye and it will be time to hit the back-to-school sales before you know it.

Before this time creeps up on you, clean out your kids closets and donate their clothing to charity.

By doing this you’re not only getting organized for the new school year and giving to someone in need, but at the same time, you may be able to deduct the fair market value of your donations on your taxes.

TurboTax ItsDeductible will help you easily value and track your donations so you save on your taxes when you file next year.

Following these tips will ease your mind and help you find more ways to save this summer.

 

 

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