Tax Tip: Summer Jobs
If you’re starting a summer job or know a teen or student who is, here is a useful tax-saving tip:
Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.
However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.
In the case of lawn care, potential deductible expenses may include business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc. Your tax professional can help advise on potential deductible expenses.