Tax Tip: Summer Jobs
If you’re starting a summer job or know someone who is, here are some useful tax-saving tips.
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, they should keep good records of all expenses to help maximize potential deductions–especially when using apps like Venmo or CashApp.
In the case of lawn care, potential deductible expenses may include business cards, fliers, fuel, equipment rentals, chemicals, work mileage, and more. Your tax professional can help advise on potential deductible expenses.
Always be sure to keep track of your invoices and payment stubs, even as a student working a summer job. Have questions on your tax liability as a minor? Reach out, and we can answer any questions you have!