Summer jobs are often young people’s first experience with taxes. Here are some tips students should know about summer jobs and taxes: For any IRS tax debt help and queries Please Call (800) 691-5390 or Visit: https://www.taxdefensenetwork.com You can also follow us on : Twitter: https://twitter.com/taxdefense Facebook: https://www.facebook.com/taxdefensenetwork

1. Tax Tips For Students
With Summer Jobs
Here are some tips students should
know about summer jobs and taxes:
Source: 7 Tax Tips For Students With Summer Jobs Written by Brent Phillips, August 7th, 2015 https://taxpoint.com/7-tax-tips-for-students-with-summer-jobs/

2. Keep a Record of Your Earnings
While we typically think of employment or income as being only associated
with working directly for a company, some work you do may be counted as
self-employed income. Even jobs like baby-sitting and mowing lawns count.
Be sure to document all of your income and report it when you file your tax
return.

3. Adjust Your Withholding
If you work as an employee for a company, your employer will withhold taxes
from your paycheck automatically. You can use the Withholding Calculator on
the IRS website to estimate your taxes for the year and determine if you need
to give your employer a new W-4 to change the amount you withhold.

4. Paying Estimated Taxes
If you are self-employed and expect to owe more than $1,000 in taxes,
you may be required to pay estimated taxes to the IRS. Paying estimated
taxes is a means of breaking up your final tax liability by making regular
payments on set dates through the year.

5. Tip Income
Income from tips is taxable and must be declared on your tax return.
Additionally, $20 or more in cash tips in a given month must be reported to
your employer. Document and track your tips through the year to make life
easier come tax season.

6. Payroll Taxes
Income taxes aren’t the only taxes you may be liable to pay, there’s also
Social Security and Medicare taxes. If you are an employee, then these will
also be automatically deducted from your paycheck. If you’re self-employed
then you may have to pay them yourself.

7. Don’t Forget Your Expenses
Keep records of all expenses you incur related to your work, such as
materials and equipment. They may qualify to be deducted from your income
on your tax return, lowering your taxable income and reducing your taxes.

8. Special Rule for Newspaper Carriers
Special rules apply to a newspaper carrier or distributor. If you meet certain
conditions, you are self-employed. If you do not meet those conditions, and
are under age 18, you may be exempt from Social Security and Medicare
taxes.

9. File For Free
If you only need to file W-2 income, you may qualify to file your income taxes
for free. You may not have to file at all if you don’t meet the filing
requirements. Even so, you may still want to file your income taxes. For
example, if you withheld taxes you’ll need to file a return to get your
tax refund.

10. For More Details
Visit
www.taxdefensenetwork.com
Or Call
(800) 691-5390
Source: 7 Tax Tips For Students With Summer Jobs Written by Brent Phillips, August 7th, 2015 https://taxpoint.com/7-tax-tips-for-students-with-summer-jobs/