Summer is pretty much here. A time for the beach, pool, golfing, vacations, and frozen margaritas with salt on the rim. Old man winter 2013-2014 kicked our butts up here in New York City and we are all looking forward to what summer has in store. But really when you think of summer, the first thing that comes to mind is boosting your tax refund, right? Psssh get outta town! Look I know many of you could not care less about your tax scenarios right now but I am going to give you 3 summer loving tips to boost your tax refund. So here it goes.
1. The Kids and their Summer Camp Tuition. Believe it or not, those very expensive summer camps you send the kids during the day may earn a tax credit. You, mom or dad, work while the kids participate in soccer and lacrosse and rock climbing and God I wish I was a kid again. Not that I can’t do those kinds of things anymore but who has time? The Child and Dependent Care Credit provides up to $1050 for one child under 12 and $2100 for 2 or more children under 12.
2. The Summer Purge. Pop likes to call a good old deep clean, detailing of the residence a purge. We also like to adopt the phrase “When in doubt, Throw it out.” But some stuff is just too nice to have the junkman car off to the dump. So call up your local Salvation Army and donate it. They take anything and put it towards helping people in need. Go through your closets and pick out all the clothes you haven’t worn in a decade. Put them in a bag and either drive them over to the nearest location or call up and arranged to have them picked up. Let’s say you like a different charity. Donate the clothes and belongings and stereos and old television sets to any cause you like that will accept them. Get a receipt and keep it for your records. Organize the receipts in an excel spreadsheet to maintain accuracy.
3. The Search of the Summer. Many people like to use their free time to search for a new job. Maybe its just for the summer time or maybe it is a permanent switch to a new company. Many expenses associated with finding a new job can be tax deductible. Maybe your resume needs some freshening up. You decide to hire a professional to make your resume into a job hunting machine. Maybe your driving or railroading or flying all over the place during your hunt for a new job. Some of these travel expense can be tax deductible. So if your on the hunt for a new means to make the green, keep track of all of your expenses in an excel spreadsheet.
So there are 3 summer loving tips to boost your tax refund. Now I know none of this sounds like summer fun. I would much rather go to Universal Studios and ride the Hulk coaster until I am nauseous too. But you will thank me come tax season 2015 that you started thinking about this now. Enjoy the summer loving folks and until next time.