Tax season may be months away, but that doesn’t mean we can’t share some tax credit information with readers. Why not get a head start now so future refunds are better in 2016?
The Enterprises TV show learns that summer child care can be claimed. Daycare and day camps count for kids under the age of 13. Overnight camp and school tutoring don’t count. Child care expenses count if the parents or parent are working. Keep in mind though that the maximum one can claim is $3,000 for one child and $6,000 for two or more children.
Moving expenses can also be claimed later. More people move in the summer than any other month. Credit the weather. There are conditions for this credit though: expenses allowed are for moving vans, storage units, tolls, gas, and shipping for belongings and pets. Meals are not deductible. One can claim moving expenses if they took a new full-time job and have been in the position for 39 weeks in the first year following the move. The new office has to be at least 50 miles from the old home and job.
Home efficiency improvements are also tax deductible. Enterprises TV reminds readers this is the perfect time to add solar energy systems, geothermal heat pumps, and others energy saving home fixes. The tax credit only works for home owners and not renters though.
Take advantage of these summer tax credits and some April, there may be more money to stash in retirement accounts.