These summer activities can impact next year's tax situation

These summer activities can impact next year's tax situation

- If you're among those who rent out space to vacationers, be sure you know the threshold for tax-reporting requirements. - With wedding season in high gear, newlyweds may want to evaluate how their nuptials affect their tax situation. - Parents whose kids attend day camp may be able to count the cost toward the child and dependent care tax credit, which is expanded for 2021. Ah, summertime. It's the perfect time to think about taxes. No, seriously. Some activities and pursuits that are more common during this season also may be things that impact your taxes, the IRS noted recently. And the sooner you evaluate how these endeavors will figure into your tax return next spring, the fewer surprises you'll face. Here are some of the situations that may have tax implications. 1. Renting out a room or a house If you're among the growing ranks of part-time landlords — those who rent out a room or their whole house for short stays — don't forget Uncle Sam might be due a cut, depending on how much renting out …
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