Vacations and relaxation are definitely the highlights of summer. But it can also be the perfect season to get ahead on your tax strategy. With a few proactive steps, you can streamline your future tax burden. It’s all about making the most of these seasonal opportunities!
Even as you unwind in the warmer months, there are a number of simple but effective steps you can take to plan ahead and reduce your taxable income. These ideas can help trim this year’s tax liability and set you up for easier filing next spring.
1. Consider Renting Out Your Property
Do you have a beach house or another property in town? Renting out your property can generate income and also come with potential deductions. If you rent for more than 14 days, a portion of your mortgage interest, property taxes, insurance, utilities, and repairs connected to the timeframe of the rental may be deductible. On the other hand, if your rental stays under the 14-day mark, the income may be completely tax-free—no reporting required!
2. Get a Tax Credit for Summer Day Camp Costs
If your kids are enjoying a day camp this summer, keep those receipts. For qualifying families, the cost of day camps—not overnight camps—can be counted toward the Child and Dependent Care Credit. It’s a helpful way to turn childcare into a tax perk. You just need to make sure your child is under 13. The camp also needs to relate to you working or looking for new work.
3. Employ Your Teen in the Family Business
Have a teenager eager to earn some money? Consider hiring them to help in your business. As long as their pay is reasonable and tied to actual work performed, you may be able to deduct their wages as a business expense. In most cases for summer work they’ll owe little to no income tax on what they earn.
4. Combine Work and Travel
Sometimes, summer travel plans and work can go hand in hand. If you travel primarily for business reasons, many of your expenses may be tax-deductible. That means airfare, hotel stays, and a portion of your meals can all be tallied up for a deduction. Just make sure the business portion of the trip outweighs the leisure side. You’ll also want to keep documentation to back up your time spent away from home and the office.
5. Set Up a Roth IRA for Your Child’s Summer Job
Whether it’s through babysitting, dog-walking, or mowing lawns, your child can benefit from a Roth IRA if they have earned income. Even if they don’t make enough to file a tax return, their earnings can still qualify them to open an account. You can help kickstart their retirement savings with a gift up to the total amount they earned. It’s a smart way to turn summer work into a long term financial benefit.
Get a Jump Start on Tax Season—Start Planning Now!
Being the midpoint of the year, summer is a great chance to take a look at your tax projection. Do you know whether you’re on track for your anticipated tax liability? Or will you be headed into a surprise for April? You might need to adjust your withholdings or rework your estimated payments. Acting now can save stress later.
At NSO & Company, we’re here to help you use every season to your advantage. From seasonal tax tips to full-year planning, our team is ready to guide you toward better financial outcomes. Let’s turn this summer into your smartest tax season yet. Reach out today to schedule your summer tax review!
Frequently Asked Questions
Our clients appreciate our fair, transparent pricing — no surprise fees, no confusing invoices. Individual tax returns start at $750, and business returns start at $1,500. If you’d like to talk through your specific situation before committing, a one-hour consultation with a CPA and tax preparer is $250.
Every client’s needs are different, so these starting rates can vary based on the complexity of your return or the scope of services you need. Visit our pricing page for more detail.
If you need accounting, bookkeeping, or tax services, contact us today — we’d love to learn more about your situation and provide pricing tailored to your needs.
We work with a wide variety of individual and business clients across central Indiana. Our clients range from entrepreneurs and small business owners to business professionals, retired individuals, families, and business corporations of all sizes.
Whether you’re just starting a business, managing personal and family finances, planning for retirement, or running an established company, we tailor our accounting, tax, and advisory services to fit where you are and where you’re headed. No two clients are exactly alike, and neither is our approach — we take the time to understand your specific situation so we can offer advice that actually applies to you.
NSO and Company is located in Fishers, Indiana, just off I-69 near the intersection of Lantern Road and 96th Street — an easy, convenient drive from anywhere in the Indianapolis area. Our office is at 8950 Fitness Lane, Suite 100, Fishers, IN 46037.
We’re open Monday through Friday, 8 am – 4 pm, and welcome walk-ins as well as scheduled appointments. If you’d like to speak with someone directly, call us at 317-588-3131.
NSO and Company combines years of experience with personalized service to help individuals and businesses prepare their taxes accurately and on time. We take the time to understand your situation, answer your questions, and look for opportunities to help you maximize your tax savings, while staying compliant and making the process as smooth as possible. Our clients also value our fair pricing and the confidence that comes from working with a trusted local firm.
