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5 Tax tips for Summer that could save you money and headaches come Spring

1. Just Married?

If you tied the knot this summer, be sure to update your name and address with the IRS and Social Security to avoid refund delays or e-filing issues. Use Form 8822 for address changes, and let your employer know, too. A quick update now can save headaches at tax time.

2. Kids in Day Camp?

Day camp costs may qualify for the Child and Dependent Care Credit if you worked or looked for work while your child attended. This includes sports, art, or science day camp just not overnight camps. Save receipts and camp details to claim the credit next spring.

3. Business Travel?

Work trips can be tax-deductible if the travel is primarily for business. Expenses like airfare, hotels, and mileage may count, but you’ll need detailed records and receipts. Keeping a travel log now can mean valuable deductions later.

4. Summer Job or Side Hustle?

Even part-time or temporary jobs can lead to a tax refund if taxes were withheld from your paycheck. If you earn money through gig apps or freelancing, that income is taxable and may come with a 1099-K form. Track all your earnings and expenses to make tax time easier.

5. Home Upgrades?

Energy-efficient home improvement like new windows, insulation, or solar panels—could earn you up to $3,200 in tax credits. These credits reduce your tax bill dollar-for-dollar, not just your taxable income. Check the IRS Home Energy Tax Credits page to see what qualifies.

Bonus - depending on what happens with the tax bill currently working its way through Congress, homeowners in high tax states could see a significant increase in deductible property taxes from $10k to $40k, which would lower taxable income.

Bottom Line:

A few smart steps this summer can make next tax season smoother and possibly more rewarding. If you have questions or want help getting organized, Satoshi Pacioli is here for you!