Consumer Alert: How your summer might affect your taxes
ROCHESTER, N.Y. (WHEC) — It may be summertime, but it’s never too early to start thinking about your taxes.
The Internal Revenue Service (IRS) wants taxpayers to know some summer activities may impact their taxes.
Those who rent out a room or home may owe come tax time. Click here for more information. The rules can be complicated, though, so it may be worth consulting with a tax advisor.
Taxpayers who tied the knot this year might want to consider how it will impact their taxes. Those who moved should remember to report their change of address to the IRS.
Those who send their children to camp during the day so that they can do their work may be able to count those expenses toward the child and dependent care tax credit.
Those who have picked up a summer side job may be getting paid as contractors rather than employees. Regular employees will receive a W-2 form from their employer. Contractors can visit the IRS’s Gig Economy Tax Center for more information.