If you are going to be out of town this summer, consider renting your home while you’re gone. The IRS allows you to receive up to 14 days of rental income per year completely tax-free.
Summer is a good time to do business entertaining. Keep records of the cost, the date, the attendees, and the business purpose. Your tax deduction is limited to 50% of the cost.
Summertime is a good time to take care of the tax and financial tasks you’ve been putting off – planning for college, retirement, and your estate, for example. For assistance, give us a call.
David Bradsher, CPA