IRS Offers Tax Tips For Summer Activities
The IRS Tax Tip 2019-107 this week reminds us that summertime activities often affect the tax returns we will be filing next year. Here are a few summertime things you should make note of now:
Getting Married All you newlyweds need to remember to report your name change to The Social Security Administration. You should also report an address change to the USPS, your employers and the IRS to ensure you receive important forms and documents needed when tax season arrives.
Sending Kids to Summer Camp Unlike overnight camps, the cost of day camp may count towards the child and dependent care credit! Check it out!
Part Time Employment Often our children holding part time summer jobs will not earn enough to require them to file an income tax return. However, keep in mind that you can only get a refund for taxes that were withheld by filing a return. Important to keep in mind that for us taxpayers who work part time that our earnings per pay period might result in very low withholding. By the end of the year all those low earnings may have amassed to the point at which our tax withholdings are less then adequate. Plan ahead and adjust your W-4 accordingly to have move tax withheld.
For more information check out helpful hints at IRS