• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Update your taxes before saying farwell to Summer

Update your taxes before saying farwell to Summer

August 29, 2006 By admin

Don’t bid summer farewell until you update your tax files. Internal Revenue Service spokesman Christopher Miller says when tax time rolls around, it could bring pleasant memories — in the form of deductions — from some of your some typical summer activities.

If your kids go to a day camp, the cost could count toward part of your Child and Dependent Care Credit, up to three-thousand dollars for the child, up to six-thousand for two or more children. That credit can range from 20-percent to thirty-five percent of your expense, depending on your income.

Miller points out that could mean a significant amount of money. You could get the 35-percent rate if your income’s quite low, and the 20–percent rate even if you earn over 43-thousand dollars. He adds that break is only for day camps, not overnight sessions.

“How about if you’ve moved this summer?” Miller suggests moving expenses may be deductible, if the move was job-related and you meet certain tests. Just keep in mind that some employers reimburse a worker for costs of moving, and some of that amount may be taxable income. Keep any paperwork related to it, so you’ll have the proof in black and white when you take it all out to figure your taxes a few months from now.

Share this:

  • Facebook
  • Twitter

Filed Under: Uncategorized Tagged With: Taxes

Featured Stories

Exhibit features lesser known works of Grant Wood

Testing finds 21 new CWD cases in deer

It may become a crime in Iowa to use fake urine in workplace drug tests

February trending 18 degrees below average temperature

Iowa House Education Committee votes to end tenure at UI, ISU, UNI

TwitterFacebook
Tweets by RadioIowa

Iowa State looks to avoid winless Big-12 season

New look and new format at girls’ state basketball

Youngstown State takes action against assistant football coach

Iowa’s Jack Nunge lost for the season

Key stretch begins for #9 Iowa

More Sports

eNews and Updates

Enter your email address:

Delivered by FeedBurner

Archives

Copyright © 2021 ยท Learfield News & Ag, LLC