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Teens and Summer Employment: Tax Breaks Can Save Precious Money

Summer is here and the economy continues to be on nearly everyone’s mind. Unemployment numbers are not pretty, especially for teens and students who used to rely on summer jobs to pick up some cash for school and savings. But for teens lucky enough to find a summer job, or for parents trying to think creatively about how they can translate their needs into summer work for their children, paying attention to some of the tax breaks for young people offered by the IRS can make a big difference next April, and even possibly inspire some new ideas about summer jobs that might be advantageous to both employee and employer.

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Are there other income tax deductions?

Yes, there are other income tax deductions. Examples include depreciation, net operating loss carryovers, start-up expenses, and many others. You should consult you tax advisor to see whether the foregoing, or any other deductions, are applicable in any given income tax situation.

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What falls within the classification of expenses?

This type of expenses deduction includes most expenses in connection with rental property or investment property, such as investment advisory fees, maintenance expenses and repairs of rental real property, and any other ordinary and necessary expense incurred to produce income or to manage, conserve or maintain income-producing property.

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What medical expenses are tax deductible?

Medical expenses are tax deductible only to the extent that they exceed 7.5% of the taxpayer’s adjusted gross income and are not compensated for by insurance or otherwise. According to the IRS, tax deductible medical expenses may include everything from fees paid to doctors to transportation costs essential to medical care.

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