Needless to say, summer is a time to relax and to enjoy ourselves. That is why the IRS needs to remind American taxpayers of the summer activities that may affect their 2024 tax return in 2025.
If you think about summer activities you may think of work or leisure. However, there are some activities that may not come to mind. The thing is they could affect a lot your tax return. So, make sure you are aware of them to get ready for the 2025 tax season.
Important links |
---|
More News |
PAYMENTS |
stimulus checks |
Social Security COLA |
Which summer activities can affect your IRS tax return?
As a matter of fact, there are 5Â summer activities the Internal Revenue Service highlights. Of course, you must have already thought about people who work in summer camps, but it is not the only one.
Those taxpayers who send their children to a summer camp should know that the cost may count toward the Child and Dependent Care Credit. But this is not the only activity.
Business travel is another frequent activity. Even if your children can enjoy long holidays at summer camps, many parents must continue working during the summer. The IRS reminds business travelers to check the tax rules for them, whether they are outside the U.S. for one week or the whole summer.
Marriage, part-time work, and home improvements, are important summer activities the IRS highlights
Many people prefer to celebrate their wedding during the summer months to enjoy the weather. Newlyweds can make their 2024 tax return filing easier by doing just 2 simple things.
First and foremost, do not forget to report any name changes to the SSA (Social Security Administration). Some people often move to a new house when they get married.
Therefore, they must report the IRS, United States Postal Service and employers of this change. Form 8822 will be necessary. Even if you have a part-time job, you should file to get any refunds you qualify for. Check the Gig Economy Tax Center if that is your field.
Taxpayers who are making home improvements should check the Home Energy Tax Credits, Residential Clean Energy Credits, and Energy Efficient Home Improvement Credits.