Activities that are common in the summer often qualify for tax credits or deductions. Working a summer job might not you enough to owe federal income tax, they should remember to file a return to get a refund for taxes withheld early next year.
Here are some summertime tax tips from the IRS that can help taxpayers during tax season next year:
- Martial tax bliss- Newlyweds should report any name change to the Social Security Administration before filing a tax return. Also, report any address changes to the United States Postal Service, any employers, and the IRS.
- Cash back for summer day camp- Unlike overnight camps, the cost of summer day camp may count as an expense towards Child and Dependent Care expenses.
- Part-time and summer work- Employers usually must withhold Social Security and Medicare taxes from your paycheck, even for part-time and seasonal workers. Self-employed workers or independent contractors need to pay their own Social Security and Medicare taxes, even if they have no income tax liability. Normally, employees receive a Form W-2 from their employer by January 31 of the following year. The Form W-2 shows the amount of earnings, withholding for state and federal taxes, Social Security, Medicare wages and tips. Employees use the information on this form when they file their tax return.
If you need tax help and would like to speak with an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com