Summer Jobs – Did You Know?
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.