Take action this summer
to cut your 2004 taxes
May 2004
It will soon be
summertime, and you’re probably thinking more about vacation planning
than tax planning. But with a little effort, you could do some summer
tax-cutting. Here are a few quick ideas for you to consider:
* Hire your
children to work in your business this summer to shift income from your
higher tax bracket into their lower brackets.
* Combine business
and pleasure in your summer travel plans in order to deduct the business
portion of your travel costs.
* If you’re going
to be out of town, consider renting out your home to receive up to 14
days of rental income tax-free.
* If you and your
spouse work, send your children to summer day camp to qualify the cost
for the child care credit.
* If you have a
boat or other recreational vehicle with sleeping, bathroom, and cooking
facilities, treat it as a second home and deduct the interest portion
of payments you're making.
Give us a call if
you want details about these or other summer tax-cutters. Then relax and
enjoy your summer.
Return to 2004 Tax Tips
