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"Most people think of deducting the
costs of daycare," says
Kinsella, "but they don't think about the
cost of summer camps."
Children who don't go to camp but have an in-home
caregiver
for the summer months can also be the source of a
deduction.
However, caregiver deductions, Kinsella adds, give rise
to
questions over employment taxes. Taxpayers have to
be
careful to pay Social Security taxes for anyone employed to
watch children or care for their homes.
Older children can provide business owners with needed
labor
and deductions, while also giving the children something
productive to do. Instead of subsidizing children with free
cash, Kinsella advises clients to put teens to work. Business
owners have to be careful to ensure that the children's
employment is legitimate, has a rational-pay scale, and isn't
just a sham cover for gifts to the child, she says.
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Summer business travel also is a source of deductions that is
sometimes overlooked. Travel to a business conference in
Orlando could be an opportunity for a combined family vacation
and business trip. Trouble arises, Kinsella says, when the
business components of the trip are not adequately separated
for deduction purposes. The business traveler must spend a
majority of the trip pursuing business purposes, she explains.
If the traveler has his own hotel room and his family stays in a
second room, it's easier to substantiate the cost for deduction.
However if the whole family stays in one hotel room, the cost
won't be allowed as a business deduction.
Fun activities with a primary business purpose, such as
barbecues, can be deductible. Even boat fuel used to take
clients out for business discussions on a lake or river may
be
deductible.
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Fun activities with a primary business
purpose, such as
barbecues, can be deductible. Even boat fuel used
to take
clients out for business discussions on a lake or river
may
be deductible.
Businesses should be careful to document expenses at the time
they're incurred, says Kinsella. A day-planner notebook can be
used to keep expense records for tax purposes.
Though taxpayers could amend past returns to take advantage of
deductions missed in past years, Kinsella doesn't recommend this
approach for her clients because an amendment would lengthen
the time the Internal Revenue Service (IRS) has to scrutinize the
returns.
"An amendment starts the statute of limitations running anew,"
she explains. "This would allow the IRS another three years to go
back to those returns."
Summer offers new crop of potential deductions
Source: The
Business Journal - Central New York: Jul 22, 2005 issue
Author(s): Dickinson, Casey J
Topics: Summer Tax
deductions
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