Marriage or Divorce ? Check Your Social Security Number > NetSparsh

Home
>
Tax
>
Marriage or Divorce ? Check Your Social Security Number

Marriage or Divorce ? Check Your Social Security Number

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.

In The News:

Income tax department amends TDS rules, seeks more disclosure in form LivemintSelf assessment tax liability for FY19-20 over Rs 1 lakh? Pay by July 31 to avoid penal interest Economic TimesSelf assessment tax liability for over Rs 1 lakh? Pay by July 31 to avoid penalty Times NowIncome Tax Department Extends ITR Filing Deadline For Financial Year 2019-20 Till November 30 India.comIncome Tax Department extends deadline for filing IT returns for FY 2019-20 to 30 November FirstpostView Full coverage on Google News

Higher fuel taxes, fewer subsidies are good policy The Times of India Blog

India changes digital tax form to include new levy on foreign e-commerce companies Economic Times

Income tax return filing deadline for FY 20 extended to November 30, 2020 Times of India

Himachal tax officials directed to dispose of all pending legacy cases Hindustan Times

Investing in ELSS to save taxes? You have to pay more now to get full tax benefit The Financial Express

H-1B visa holders pay billions in taxes in Trump's America Quartz India

Do You Know The Due Date For Filing Your Income Tax Return? Here's All You Need To Know NDTV Profit

Employees allowed to claim I-T exemption on conveyance allowance under new tax regime: CBDT Economic Times

How to claim income tax deduction for investments made in April - July 2020 Business Standard

New income tax slab: Rules changed, no exemption on meal vouchers & coupons Livemint