Summer is just around the corner, and you can think about is filing for taxes again next April. While you may have to hold off on getting those taxes done, summer is the perfect time to start planning and tracking your spending. Make sure to have all of your paperwork in order to make everything easier for your Miami tax preparer.
1. Your Childcare Expenses
If you forgot about it last year, don’t forget to get those receipts from your daycare for watching your children. Next April, you’ll be able to deduct childcare expenses from your taxes.
This is a must-do tax tip, especially for parents who have children who aren’t attending school during the summer. Daycare can become expensive, and you don’t want tax season to roll around without preparing your receipts first.
2. Donate Instead of Sell
Thinking about cleaning out your garage? Summer is the perfect time to do heavy cleaning, especially if you want to get rid of many of your possessions.
Having a garage sale can be a real headache, and, if you make enough money, you might have to claim the profit on your taxes. Instead, give your items to charity and enjoy a nice deduction. Make sure to keep excellent records of what you sold and how much they sold for; bookkeeping services in Miami and the IRS will want to see records if they perform an audit.
3. Deduct Major Home Improvements
Summer is the best time to make improvements on your home, and certain renewable energy installations, such as solar power, are tax deductible. Most homeowners can deduct a certain percentage of the installation costs during the following tax season.
If you own more than one property, you might be eligible to get a tax deduction for each property.
Preparing for tax season early is an essential part to getting your taxes done right. Consult with a reputable tax preparer in Miami to make sure your forms are filled out correctly and that you’ve counted every deduction possible.