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Summer Brings Opportunities for Tax Savings

POSTED BY
Linda

moneyDid you know that along with sunny days, summer also can bring unexpected tax savings for your family or business? If you are making certain changes to your home or your child is off making friends at camp, you could be earning valuable tax credits. Here aresome summertime tax tips from Laura Kennington, an enrolled tax agent at the Tax Defense Network:  If your child is attending summer camp, there are tax credits that may be available to you. The cost of day camp may count as an expense toward the child and dependent care credit. (Overnight camps do not qualify.)  Whether your childcare provider is a sitter at your home or a daycare facility outside the home, you’ll get some tax benefit if you qualify for the credit. The credit can be up to 35 percent of your qualifying expenses, depending on your income. You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to determine the credit. Summers can get exceptionally hot in many parts of the country, so you may use a lot of extra energy to keep cool.  When you install certain renewable energy sources in your home, you can get a tax credit worth up to 30 percent of the total cost, in addition to saving money on utility bills. The credit applies to improvements such as geothermal solar energy systems, heat pumps and small wind turbines.



Posted by Linda on June 29, 2014 | Updated June 26, 2014 Filed Under: Consumer Advice · Financial

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