Business Topics

The 2020 Tax Brackets Guide: Key Changes That You Need to Know

https://wp.me/pbkXMs-1Mg

Business Topics

IRS Stimulus Debit Cards Being Cut Up, Mistakenly Reported As Scam

The IRS is sending out four-million stimulus payments in the form of Visa prepaid debit cards even though most people were expecting checks.

IRS Stimulus Debit Cards Being Cut Up, Mistakenly Reported As Scam
Business Topics

Checklist for Newlyweds

tax checklist for newly married couples


Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation.

Here’s a checklist of items for newly married couples to review:

  • Name and address changes
    – Name. When a name changes through marriage, it is important to report that change to the Social Security Administration. The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office.
    – Address. If marriage means a change of address, the IRS and U.S. Postal Service need to know. To do that, people should send the IRS Form 8822, Change of Address. Taxpayers should also notify the postal service to forward their mail by going online at USPS.com or their local post office.
  • Withholding
    – After getting married, couples should consider changing their withholding. Newly married couples must give their employers a new Form W-4,Employee’s Withholding Allowance within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by the Additional Medicare Tax. They can use the IRS Withholding Estimator on IRS.gov to help complete a new Form W-4. See Publication 505Tax Withholding and Estimated Tax for more information.
  • Filing status
    – Married people can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it’s best to figure the tax both ways to find out which works best. Remember, if a couple is married as of Dec. 31, the law says they’re married for the whole year for tax purposes.
  • Scams
    – All taxpayers should be aware of and avoid tax scams. The IRS will never initiate contact using email, phone calls, social media or text messages. First contact generally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find out.

More Information:
Topic 157, Change Your Address – How to Notify the IRS


Share this tip on social media — #IRSTaxTip: Some taxpayers may need to make estimated tax payments. https://go.usa.gov/xGKeM

Business Topics, IRS - Tax Tips, Record Keeping

Good Record Keeping = Good Business

 

Taking care of business: An #IRS tip can help you understand the ins and outs of good recordkeeping: https://go.usa.gov/xfvU9IRS Record Keeping
Business Topics, IRS - eServices, Tax

IRS – understanding the e-Services Transcript Delivery System

Catch up on understanding the e-Services Transcript Delivery System with a free #IRS webinar on August 13. Register now: http://irs.gov/webconference