While you may be focused on summer fun, Tax Revolution is thinking about all the ways you can enjoy the sun — while getting a nice tax write-off.
I know that tax time is a long way off, and there are many more interesting things to be thinking about in July than tax write-offs, but this is the perfect time to rake in deductions. There are countless ways to save money this summer, while finding some nice, tax-deductible fun for the family.
If your kids are going to day camp this summer while you head to work, you are likely eligible for the child and dependent care credit. Parents can claim up to 25 percent of up to $3,000 of expenses for a single child or $6,000 for two or more children.
Want to spend the day at the zoo or the aquarium, or an arboretum or a museum? Now is the time to sign up for a tax-deductible membership for the family. The money helps these nonprofit groups get a steady stream of income, while you have the perfect places to take the family throughout the summer — without dealing with daily admission rates.
It doesn’t stop there. In most communities around New Jersey, there are plenty of nonprofit groups that offer tax-deductible memberships or daily admission. It could be theater troupes, community centers, children’s play centers and other activity centers with little cost and lots of tax benefits.
Tax deductions are always the goal, but savings can also be found at many of the wonderful places in New Jersey that cost nothing — like spending the day in a park, seeing a town-sponsored movie under the stars or participating in faith-based events.
There’s also a plethora of street fairs, concerts, farms, shows and the best of it all — a sunset stroll on the boardwalk.
Moreover, the public libraries host plenty of summer events, reading clubs and other programs — and would be more than happy to host you and your family for the afternoon. And if there is a cost for some of these activities, we bet it is tax-deductible.
Whatever you choose to do this summer, remember your accountant should be asking you all about it during tax time. What you do to have fun can equal some tax savings down the line. Not everything you do this summer needs to be a drain your wallet.
Learn more at TaxRevo.com or call (732) 806-8900.
By David Katz, CPA, manager at Tax Revolution, a tax and accounting firm based in Farmingdale.
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