TSBAS Accounting Bookkeeping Payroll Tax Preparation
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things
  • Home
  • Blog
  • Learn More
    • About >
      • Meet the Team
      • Reviews
    • Services >
      • Tax Debt Relief
      • Accounting & Bookkeeping
      • Tax Services
      • Payroll Services
      • Seminars & Training
      • QuickBooks Services
      • Specialized Services >
        • Spa Bookkeeping
        • Services for Real Estate Agents
  • Schedule
  • Contact Us
  • Get Updates
  • Service Requests
    • Payroll Service Quote Request
  • What you should know - ID.me
  • Links to Important Things

Summertime

5/25/2022

0 Comments

 
Next weeks brings us to Memorial Day, the unofficial start of summer. This is a time when many of us turn our attention to winding down and potentially relaxing a bit more, but this is not always the case, and sometimes the things people do this time of year come with tax consequences.

For some people, this season can actually involve working more. Kids who aren’t in school for these weeks may be trying to bank some money before returning to the classroom. They don’t want to end up with a surprise tax bill when it comes to time to file a return next year, though. If this is the only money they make for the year and they are being paid as an employee, then regular withholdings from their paycheck should account for all they owe. If it’s just a part of their income for the year, though, it could be worth the few minutes it takes to use the IRS’s withholding estimator and see how they should enter their withholding.

This forward thinking can be even more necessary if one is doing work as a contractor and/or in the gig economy. This can be a wonderful way to make some extra money with greater time flexibility, but one must keep in mind that it is money being earned without being taxed. This doesn’t mean it’s a bad way to make money, it just means that one must plan accordingly, and thus it becomes another of those summer things to potentially keep in mind.

Much like the fact that if you are sending kids to camp over the summer, keep those receipts for they might help come tax time.

Something else people do more often over the summer is get married. And of course, there are the obvious tax implications here of whether one files a tax return as single or married. There are a lot of other pieces involved that also may need to be attended to, though. For example, if there is a name change involved, the Social Security Administration needs to be notified. If there is an address change involved, that should be reported to the Postal Service, IRS, and employers.  Making sure everyone has the correct information now will make it easier when it comes time to file taxes.

The best thing that can happen over the summer, though, may be actually getting in that bit of that time to relax. So here is to hoping that the season treats you and your family well, no matter what you decide to do with it.

Warmly,

Josh Bousquet
Connect to Us ~ 
Facebook ~ Twitter

To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

0 Comments



Leave a Reply.

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017

    RSS Feed

    Categories

    All
    Balance
    Bookkeeping
    Business
    Payroll
    Tax
    Tax Prep
    Tax Return
    Tax Scam

    View my profile on LinkedIn
Website by Odeh Media Group
Copyright ©2023 TSBAS.com, All Rights Reserved
The Small Business Accounting Solution, Inc
50 South 1st Avenue, Coatesville PA 19320
(844) 208-2937