If you’re starting a summer job or know a teen or student who is, here is a useful tax-saving tip:
Students and teenage employees normally have taxes withheld from their paychecks by their employer after filling out a Form W-4.
However, if the job is regarded as self-employment, like baby-sitting or lawn care can be, they should keep good records of all expenses to help maximize potential deductions.
In the case of lawn care, potential deductible expenses may include business cards, fliers, fuel, equipment rentals, chemicals, work mileage, etc. Your tax professional can help advise on potential deductible expenses.
Greber Tax Advisors does not warrant the accuracy of the information contained herein, nor is it responsible for any errors or omissions and assumes no liability for its use. The information provided is not intended to be construed as a substitute for obtaining proper expert advice from recognized professionals in their related fields. Links to third-party websites are provided as a courtesy. The materials on third-party sites are provided “as is” and without warranties of any kind either express or implied. Greber Tax Advisors exercises no control over the views, accuracy, copyright or trademark compliance or the legality of the material contained on third party sites and does not sponsor, endorse or approve the information, content, products, materials, opinions or services contained on such external sites. The visitor proceeds to these external sites at their own risk. Greber Tax Advisors disclaims any and all liability from damages which may result from the accessing this website, or that of a third party site which is linked to the Greber Tax Advisors website, or from reliance upon any and all information contained therein.