Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.
For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA about the name change. If the couple files a joint tax return with her new name, the IRS computers will not be able to match the new name with the SSN. This could result in tax assessments or even an audit since the IRS may be under the impression that you are simply evading taxes.
Similarly, after a divorce, a woman who had taken her husband's name and had made that change known to the SSA should contact the SSA if she reassumes a previous name. Failure to take this action can lead to audits. Can you imagine going through an audit with your former spouse?
It's easy to inform the SSA of a name change by filing Form SS-5 at a local SSA office. It usually takes two weeks to have the change verified. The form is available on the agency's Web site, www.ssa.gov, by calling toll free 1-800-772-1213 and at local offices. The SSA Web site provides the addresses of local offices.
Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.
Airbnb cleaning service Arlington Heights ..If your identity is stolen, your finances can quickly become... Read More
The United States is a nation of entrepreneurs. There are... Read More
Are you in the middle of a disagreement with the... Read More
If you paid someone to care for a child so... Read More
As teachers and students head back to school following a... Read More
The federal tax code is complex. This complexity generally arises... Read More
Most people trying to make a crust online (or offline... Read More
As an employer, you must pay employment taxes if you... Read More
The electronic transaction ordinance defines the certificated copies in which... Read More
If you are environmentally conscious and purchase a 2005 Ford... Read More
It's a moment every person dreads. You pick up the... Read More
If you are a Small Business Owner or Self-Employed Person,... Read More
So, you were pleasantly surprised to learn that you are... Read More
April 15th looms in front of most people every year... Read More
As a small business owner or self-employed person, one of... Read More
The knock on the door from a Tax Inspector is... Read More
As a sole proprietor, it's wise to familiarize yourself with... Read More
Running a home based business reaps many wonderful tax deductions... Read More
Does this scene sound familiar? It's April 7. You haven't... Read More
If your business has employees, you must pay employment taxes.... Read More
One of the most important, but least understood or appreciated... Read More
The powers of Congress, and the limitations set upon those... Read More
We all love to criticize the IRS, don't we? And... Read More
If you have employees, you are responsible for paying a... Read More
Hit a big one? With more and more gambling establishments,... Read More
reliable maid service Winnetka ..As everyone in the U.S. knows, we have just passed... Read More
Someone once said, 'the best way to calculate your taxes... Read More
Strategic planning throughout the year results in a minimal tax... Read More
Ever wish that, as a business owner, you knew exactly... Read More
An early distribution from an Individual Retirement Arrangement (IRA) or... Read More
"What we've got here is a failure to communicate." ... Read More
Background issues of access to recordsTo assess the records at... Read More
Practically every small business has receivables that it cannot obtain... Read More
Are you in the middle of a disagreement with the... Read More
With the massive losses caused by Katrina, the economy of... Read More
How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More
Donating your used car to charity is a win-win situation;... Read More
If you have recently started an Internet or home business,... Read More
Beware of advertisements that claim to settle tax debts for... Read More
QUESTION: I have been contacted by my local city... Read More
Own residential rental properties? This article discusses how income from... Read More
Hit a big one? With more and more gambling establishments,... Read More
In trying to comply with tax laws for your e-business,... Read More
Many Americans believe that an IRS debt is a debt... Read More
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
As we enter mid-March, taxpayers begin to become very interested... Read More
All tax authorities to e-commerce transactions should investigate the record... Read More
How about a Tax Tip?As we all know Taxes are... Read More
Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More
Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More
Tax |