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As warm summer days arrive,
you may be tempted to forget about serious things like taxes. But that
could lead to a higher 2009 tax bill. Here are just a few summertime
tax-saving ideas to consider.
- If spring cleaning left you with
outgrown clothing and household items you no longer use,
donate them to charity. Items in good used condition qualify
for a tax deduction.
- If you and your spouse work, consider
sending your children to a summer day camp. The cost may
qualify for the dependent care tax credit.
- If you operate an unincorporated
business, consider hiring your children to work for you this
summer. You can deduct reasonable wages paid to them for the
work they perform, and there's no social security tax
on their wages if they are under age 18.
- Summer is great for entertaining
customers or clients. Keep records of the cost, the date, who was
entertained, and what the business purpose was. Your tax deduction
is limited to 50% of your cost.
- Combine business with your summer
travel, and you may be able to take a tax deduction for the
business portion of your costs.
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