No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, October 8, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home IRS & Taxes

6 Tax Moves to Make Before the Summer is Over

by TheAdviserMagazine
4 months ago
in IRS & Taxes
Reading Time: 4 mins read
A A
6 Tax Moves to Make Before the Summer is Over
Share on FacebookShare on TwitterShare on LInkedIn


Updated for tax year 2025.

Summertime — the days of sun-kissed skin, juicy slices of watermelon, flip-flops, and … taxes?

Taxes are probably the last thing on your mind this summer, but hear us out! The summer months are actually the perfect time for a mid-year financial checkup to assess your tax situation.

So, in between firing up the grill, splashing in the pool, and taking family vacations, set aside a few minutes to consider these top summer tax moves to make and save yourself some money come tax season.

1. Organize your finances.

If you’re one of those super-organized taxpayers, you’ve probably already marked and filed every receipt since January and carefully tracked your year-to-date income and expenses. You may even know exactly where your taxes currently stand.

However, for those of us who aren’t quite as clerically inclined, we have some catching up to do. But rest assured, it’s not as difficult to get started as you may think. It’s as simple as doing a little sorting, throwing out things you don’t need, and filing and updating any financial records.

Tackling half a year’s backlog of expenses and receipts at this point in the year will be much easier than waiting until tax time or scrambling to get organized. Plus, you’re much more likely to remember essential details now versus waiting until tax filing or even the end of the year.

2. Review your income tax withholding.

Whether you owed a tax bill or got a big tax refund on last year’s federal income tax return, now is the time to review and adjust your income tax withholding if you’d like a different result when you file next year.

You can adjust your withholdings by completing Form W-4, Employee‘s Withholding Allowance Certificate.

To make it quick and easy, you can use the TaxAct® Refund Booster (W-4 Calculator)1. After answering a few questions about your income and accounting for any potential tax-free contributions to an HSA, IRA, or similar, we will fill out a new Form W-4 for you, which you can print and give to your payroll department.

3. Keep up with estimated taxes.

If you own a business, are part of the gig economy, or have substantial income that isn’t subject to income tax withholding, you may need to pay quarterly estimated taxes. You’ll want to pay close attention to the due dates, as they are not perfectly spaced throughout the year.

While it may be hard to come up with the money for estimated tax payments every quarter, it can be even harder to pay the entire amount as a lump sum at tax time. Plus, you’ll be held accountable for any applicable penalties and interest for late payments at that time, too.

A good way to keep up with taxes on self-employment and other income is to funnel the necessary money into a separate bank account as it comes in or at least once a month.

4. Remember your summer childcare tax benefits.

Do you send any children under age 13 to daycare during the summer because you work away from home? If so, you may qualify for the Child and Dependent Care Credit. This is different than the Child Tax Credit.

If your child attends daycare, summer camp (day camps only), or receives care at someone’s home, you may be eligible for a tax credit to help offset some childcare costs. Parents who are not working but are attending school or searching for employment may also qualify for this credit.

In most cases, you cannot take this tax credit to offset the costs of tutoring or an overnight camp. To take advantage of this credit, be sure to save any applicable childcare receipts.

5. Hire your kids.

One advantage of owning a business is that you can likely employ your children as long as you follow any applicable labor laws. If there’s something they can do to help, you can pay them and deduct their wages. As a bonus, if your kids are under 18, you don’t have to bother with Social Security and Medicare taxes.

Your kids will be subject to paying taxes on their earnings, but they are almost certainly in a lower income tax bracket than you are. In fact, if they’re just working a few hours in the summer, they may not have any tax liability at all.

6. Make energy-efficient home improvements.

Summer is a great time to make home improvements — some of which can score you a nice tax break! There are some energy-efficient tax credits available to homeowners who make sustainable updates to their homes.

Try checking with your power company to see if it offers free energy audits. You might also do some research to learn about cost-effective ways to save energy this fall and winter.

If you buy certain energy-efficient items that can produce electricity or regulate your home’s temperature, such as solar, wind, or geothermal heat pumps, you may qualify for a tax credit of up to 30% of the total amount. This even includes the cost of on-site preparation and installation at your home. You may also be able to claim a credit for other home improvements, like replacing your exterior doors or windows.

Track and file all applicable receipts so you’re ready to complete IRS Form 5695, Residential Energy Credits, to claim your credit come tax time. TaxAct® can help you claim energy-efficient tax credits if you e-file with us.

This article is for informational purposes only and not legal or financial advice.

All TaxAct offers, products and services are subject to applicable terms and conditions.

1Refund Booster may not work for everyone or in all circumstances and by itself doesn’t constitute legal or tax advice. Your personal tax situation may vary.



Source link

Tags: movessummertax
ShareTweetShare
Previous Post

Is Social Security Taxed? Understanding Social Security Taxes

Next Post

Trump Media Makes Moves On Bitcoin And Smartphone – What’s Next?

Related Posts

edit post
You Can’t Raise What You Didn’t Know: The Variance Doctrine – Houston Tax Attorneys

You Can’t Raise What You Didn’t Know: The Variance Doctrine – Houston Tax Attorneys

by TheAdviserMagazine
October 7, 2025
0

Our income tax system uses a self-reporting process. Taxpayers, in most cases, voluntarily file income tax returns. The IRS can...

edit post
Q3 2025 Market Update

Q3 2025 Market Update

by TheAdviserMagazine
October 7, 2025
0

Herbein is pleased to share the Quarterly Market Review, prepared by Herbein Financial Group investment advisor Matt Kline. Report topics...

edit post
How one tax firm transformed its preparation process

How one tax firm transformed its preparation process

by TheAdviserMagazine
October 7, 2025
0

Drowning in paperwork and seasonal staffing headaches, Scottsdale CPAs found a smarter way to manage tax season. Discover how the...

edit post
Combining Land Trusts & LLCs for Maximum Privacy |

Combining Land Trusts & LLCs for Maximum Privacy |

by TheAdviserMagazine
October 7, 2025
0

Why Is Privacy So Important for Real Estate Investors? If you own real estate assets in your personal name, anyone...

edit post
Property Tax Repeal & Replacement: Tax Revenue Impacts

Property Tax Repeal & Replacement: Tax Revenue Impacts

by TheAdviserMagazine
October 7, 2025
0

Key Findings Property taxes currently generate 70 percent of all local taxA tax is a mandatory payment or charge collected...

edit post
Catalonia’s Sugary Beverage Tax Hasn’t Improved Public Health

Catalonia’s Sugary Beverage Tax Hasn’t Improved Public Health

by TheAdviserMagazine
October 6, 2025
0

Public health organizations continue to push for excise taxes on sugar-sweetened beverages (SSBs). The World Health Organization, for example, recently...

Next Post
edit post
Trump Media Makes Moves On Bitcoin And Smartphone – What’s Next?

Trump Media Makes Moves On Bitcoin And Smartphone – What’s Next?

edit post
Trump (Again) Demands More Easy Money To Help Fund Even Bigger Deficits

Trump (Again) Demands More Easy Money To Help Fund Even Bigger Deficits

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
Raymond James sues to retrieve dead advisor’s laptop

Raymond James sues to retrieve dead advisor’s laptop

September 11, 2025
edit post
American Eagle CEO defends Sydney Sweeney campaign: ‘You can’t run from fear. We stand behind what we did’

American Eagle CEO defends Sydney Sweeney campaign: ‘You can’t run from fear. We stand behind what we did’

0
edit post
The shutdown meant no jobs report. Carlyle’s analysis shows it would have been pretty bad

The shutdown meant no jobs report. Carlyle’s analysis shows it would have been pretty bad

0
edit post
XRP Price Targets You Need To Know Now: Cubic Analytics

XRP Price Targets You Need To Know Now: Cubic Analytics

0
edit post
Why late-career savers need to be careful with RRSPs

Why late-career savers need to be careful with RRSPs

0
edit post
5 Ways to Buy Rentals Without a Huge Bank Account

5 Ways to Buy Rentals Without a Huge Bank Account

0
edit post
Elbit Systems bids to upgrade Argentinian F-16s

Elbit Systems bids to upgrade Argentinian F-16s

0
edit post
American Eagle CEO defends Sydney Sweeney campaign: ‘You can’t run from fear. We stand behind what we did’

American Eagle CEO defends Sydney Sweeney campaign: ‘You can’t run from fear. We stand behind what we did’

October 8, 2025
edit post
XRP Price Targets You Need To Know Now: Cubic Analytics

XRP Price Targets You Need To Know Now: Cubic Analytics

October 8, 2025
edit post
Elbit Systems bids to upgrade Argentinian F-16s

Elbit Systems bids to upgrade Argentinian F-16s

October 8, 2025
edit post
Ørsted raises .35bn through rights issue

Ørsted raises $9.35bn through rights issue

October 8, 2025
edit post
5 Ways to Buy Rentals Without a Huge Bank Account

5 Ways to Buy Rentals Without a Huge Bank Account

October 8, 2025
edit post
How to Make the Most Money Possible from Your Rental Property

How to Make the Most Money Possible from Your Rental Property

October 8, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • American Eagle CEO defends Sydney Sweeney campaign: ‘You can’t run from fear. We stand behind what we did’
  • XRP Price Targets You Need To Know Now: Cubic Analytics
  • Elbit Systems bids to upgrade Argentinian F-16s
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.