Aug. 1: The Dog Days of Summer are here. That means heat, heat and more heat. If your home’s cooling system isn’t working properly, consider getting a new one. In addition to helping making your house more comfortable, it might even help you cut your tax bill. If your new unit meets the requirements, you can claim it as an energy-efficient home improvement tax credit.
Aug. 5: This weekend, 11 states — Alabama, Arkansas, Iowa, Louisiana, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Virginia — hold sales tax holidays, most of them pegged to back to school shopping. You might be able to save some dollars, but don’t waste them by buying products you don’t need or that aren’t tax-exempt. Check out what qualifies as a no-tax purchase; the participating states’ tax websites provide details on the holidays. And don’t forget your use taxes.
Aug. 10: Does your job include tips? If so and you received $20 in tips in June, use Form 4070 to report them today to your employer. And don’t forget to include the value of atypical tips.
Aug. 15: How’s your new air conditioner working? Fine? Good. As you literally chill out, consider helping other folks who are still sweating out the summer blasts. Many charitable groups provide energy assistance to low-income individuals, either by helping them pay their utility bills or by supplying them with fans. And if you itemize, your donation could be tax deductible.
Aug. 19: Instead of renovating your old house, maybe you moved into a new home this summer. If so and the move was for a job, or you found employment soon after you settled into your new locale, you might be able to deduct your relocation expenses on your tax return.
Aug. 23: When you were house hunting, you probably looked closely at your new home’s school district. You also need to make some moves for your child’s higher education. There are many tax-favored ways to pay for , such as 529 plans and Coverdell Education Accounts. Don’t forget about the American Opportunity and Lifetime Learning education tax credits.
Aug. 27: If you found your new job after a diligent search, make sure you have all the receipts for the costs you incurred finding new employment. You might be able to deduct some of your job-hunting costs.
Aug. 31: You have to itemize to claim any job-search costs. Now’s a good time to review all the miscellaneous expenses you’ve accumulated so far. They must exceed 2 percent of your adjusted gross income. To help meet that deduction threshold, set up a bunching strategy.
Posted by Adrian Duncan 
