A Couple Of Tax Tips As The Summer Wraps Up

Telling Tips is a series of articles from local experts to help you save money, make better decisions and plan for a better future.

The summer is nearly over, so here’s a couple of financial tips and reminders that you should be thinking about as the seasons – tax and holiday – draw near.

Tip #1: Monitor Your Credit Score Monthly for Free: Sign up with www.CreditSesame.com

Tip #2: Holiday Savings Account: Whether you save money in an additional account, or set aside funds each month, start saving now for the upcoming holiday season. You’ll find it rewarding that you won’t be charging your holiday gifts this year…or going into debt at the start of the New Year. Encourage your children to set aside a portion of their allowance each month, too.

Tip #3: Are your kids at day camp while you work? You might be able to use that expense to claim the child and dependent care credit.

Tip #4: If, however, your kids have summer jobs, make sure they (and you, Mom and Dad!) understand their tax responsibilities. Not sure? Call me.

Tip #5: You can help your youngster get a nest egg head start by helping him or her open a Roth IRA with some of those summer earnings.

Joseph Reisman, of Joseph S. Reisman & Associates, has been serving tax prep and business accounting expertise from his Coney Island Avenue office for more than 25 years. Check out the firm’s website.