Summertime tax tips from IRS

Summertime may be get-away time, but you can't get away from the tax implications that accompany most financial matters.

"Enjoy the summer but be careful not to miss out on tax breaks and address any tax issues now," said New Jersey's IRS spokesman Gregg Semanick.

The IRS offers tips for teachers, small business owners and wage earners.

Educators should save receipts for tax break

School may be out, but the IRS wants to remind teachers and other educators who are purchasing school supplies for the fall to save their receipts. They will be able to deduct up to $250 of nonreimbursed expenses this year. The Educator Expense Deduction allows teachers and other educators to deduct the cost of books, supplies, equipment and software used in the classroom based on their receipts. Eligible educators include those who work at least 900 hours during a school year in an elementary or secondary school. Worth up to $250, the deduction is available whether or not the educator itemizes deductions.

IRS offers help to small-business owners

The small business section of IRS.gov provides a one-stop resource for information on starting, operating and closing a business. Whether a person is just considering opening a business or has years of small business experience, IRS provides a wide range of resource tools and educational assistance. The IRS also offers an "A-Z Index for Businesses" to assist small-business owners in readily locating desired information. For more information, go to the Small Business and Self-Employed Tax Center on IRS.gov at www.irs.gov/smallbiz.

Check your federal tax withholding

With 2009 half over, the Internal Revenue Service reminds taxpayers that there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when tax returns are due next spring. The IRS withholding calculator on IRS.gov can help a taxpayer compute the proper tax withholding. If the result suggests an adjustment is necessary, the taxpayer should submit a new Form W-4, Withholding Allowance Certificate, to his or her employer or adjust the amount of quarterly tax paid. For more information, go to IRS.gov and keyword search "withholding calculator" to access the IRS withholding calculator.

Gambling winnings are taxable

Gambling winnings are taxable and must be reported on your tax return. Gambling income includes winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses, trips or other noncash prizes. If you itemize deductions, you can deduct your gambling losses. You cannot deduct gambling losses that are more than your winnings.

For more information on tax tips, go to the IRS Web site at www.irs.gov.