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.
car service from Midway Burlington .. Lockport Chicago limo O’HareLet's assume that you would like to begin saving for... Read More
The powers of Congress, and the limitations set upon those... Read More
Following is a reproduction of the IRS's rules and requirements... Read More
April 15 - The most dreaded day of the year... Read More
Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More
Own residential rental properties? This article discusses how income from... Read More
As a small business owner or self-employed person, one of... Read More
Most people trying to make a crust online (or offline... Read More
The United States is a nation of entrepreneurs. There are... Read More
Your days as an entrepreneur and businessperson are consumed with... Read More
Haven't done your taxes yet? No problem. Now there is... Read More
It's a major fear for most Americans: A notice from... Read More
While accountants are reaching for aspirin, millions of Americans are... Read More
Background issues of access to recordsTo assess the records at... Read More
If your identity is stolen, your finances can quickly become... Read More
Marketing is a necessary expense in running practically any business... Read More
Newlyweds and the recently divorced should make sure that names... Read More
Reservists called to active duty and enlistees in the armed... Read More
As everyone in the U.S. knows, we have just passed... Read More
Many Americans believe that an IRS debt is a debt... Read More
Do you realize that some tax forms ask you to... Read More
Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More
Q: I was contacted by the city tax collector to... Read More
"Settle for Pennies on the Dollar! IRS debts settled for... Read More
Managing a business small, medium or big requires you to... Read More
Granger limo Chicago ..As an employer, you must pay employment taxes if you... Read More
Should I take wages or dividends from my privately owned... Read More
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
Own residential rental properties? This article discusses how income from... Read More
"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
All states also have their own tax system. Typically there... Read More
Just image, you are a small manufacturing company, business has... Read More
One can never underestimate the enthusiasm that politicians have for... Read More
While accountants are reaching for aspirin, millions of Americans are... Read More
If you are environmentally conscious and purchase a 2005 Ford... Read More
Many taxpayers are confused about how long they should keep... Read More
One way to maximize your business profits is by reducing... Read More
If your like many, you don't always understand what people... Read More
The end of tax filing extensions is quickly approaching. What... Read More
Haven't done your taxes yet? No problem. Now there is... Read More
Employers often ask employees to designate the amount of tax... Read More
Background issues of access to recordsTo assess the records at... Read More
Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More
In the largest criminal tax case ever filed, KMPG has... Read More
Reservists called to active duty and enlistees in the armed... Read More
So, you were pleasantly surprised to learn that you are... Read More
As your business grows, you are going to need help.... Read More
In a past article I relayed the plight of the... Read More
On June 3, 2005, the IRS released guidance on charitable... Read More
Tax |