00:00Summertime brings many opportunities to do other things, but what you decide to do during the season could impact your tax return.
00:08And that impact on your tax return could be for the better or for the worse.
00:12When planning your summer adventures, there are five things that can raise your tax bill or qualify you for a tax credit.
00:19If you send the kids to summer camp so you can work during the school break, you could qualify for the child and dependent care credit if they're under 13.
00:27The IRS website has more details on this.
00:31Tying the knot might not only unite hearts, but also your tax status.
00:35If you marry before the end of the year, it could allow you to file jointly, which could lower your taxes.
00:41Be sure to consult the IRS checklist before filing together.
00:46When it comes to summer jobs, internships and part-time work can impact your taxes.
00:51If you earn over the minimum required for filing a tax report, you have to report your income.
00:57If you're picking up a side hustle and considered self-employed, track your expenses like mileage.
01:03This can reduce your taxable income if you claim qualifying business-related expenses.
01:09If you're renting out your home or a room in your home for more than 15 days a year,
01:14the IRS requires that you pay taxes on the money that you make.
01:18And it's recommended you check with your county and state to see if there are any local or state taxes
01:23you may need to consider before renting out your home.
