TAX INSIGHT June 2013 Though June is named after Juno, the Roman - TopicsExpress

TAX INSIGHT June 2013 Though June is named after Juno, the Roman goddess of marriage, thus making it a popular month for nuptials, some taxpayers may be facing other not-so-pleasant events this month. The following is tax advice for newlyweds, divorcees and widows/widowers. • Social Security Administration – If you change your name, complete Form SS-5, Application for a Social Security Card, at your local SSA office. This is important so your new name and social security number match when you file your next tax return. Be prepared and bring along additional documents proving your legal name change, identity and U.S. citizenship. • Internal Revenue Service – If the event results in a new address, let the IRS know by sending Form 8822, Change of Address. • U.S. Postal Service – While you are letting the IRS know of your new address, also be sure to let the USPS know, so you can ensure delivery of any important IRS correspondence or refunds. • Your Employer – Notify your employers of your new name and/or address so the information will be correct on the Form W-2, Wage and Tax Statement, that they’ll send you at the end of the year. • Your Tax Professional – Be sure to keep me up-to-date on your life events! We can schedule an appointment to discuss your new tax status and any additional information I may need at the end of the year. Newly married taxpayers (or newly single) may find that they now have enough deductions to itemize on their tax returns and can opt to file a joint or separate tax return. I can determine which will result in the lowest tax. We can also discuss adjusting your tax withholding as needed. If you have a financial interest in or signature authority over any bank, securities or other financial accounts in a foreign country, you may need to file a Report of Foreign Bank and Financial Accounts (FBAR) before June 30. Important Tax Date Three Weddings and a Funeral... and a Divorce Did You Know? The word tax is from the Latin word taxare, meaning to value or assess the worth of.

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