Batting a Thousand During Tax Season
~ By Monica Ochoa ~
Spring training for major league baseball teams begins in March. As you prepare to meet the April 15 deadline to file your taxes, here are some Social Security tax tips to help you knock the ball out of the park!
If you changed your name due to marriage or divorce, or made another legal name change, make sure you change your name on your Social Security records and with your employer. Changing your name on all of your records will avoid a “mismatch” with our records (which could delay your tax return) and improper recording of your earnings. To learn more about your Social Security number and changing your name, go to www.socialsecurity.gov/ssnumber.
You will need Social Security numbers for your children if you want to claim them as dependents on your tax return. In most cases, parents request a Social Security number for their newborn child at the hospital when applying for a birth certificate. If you didn’t apply for a number for your child then, you can apply at your local Social Security office or by mail. Claiming your dependents will maximize your tax refund or minimize any amount you owe. To learn more, read our online publication, Social Security Numbers For Children, available at www.socialsecurity.gov/pubs.
Third Base (Bases loaded):
If you receive Social Security benefits, you need to pay federal taxes on some of your benefits if your total income, including Social Security and all of your other taxable income, is $25,000 or more, and you file federal taxes as an individual. Married couples filing joint returns need to pay federal taxes on income of $32,000 or more. To learn more about taxes and your Social Security benefits, go to www.socialsecurity.gov/planners/taxes.htm.
Now that you’re working hard and earning Social Security credits, you can check your Social Security Statement online. Doing so will ensure that you have all your bases covered for the years you’ve worked. You can open or access your personal my Social Security account at www.socialsecurity.gov/myaccount.
A Grand Slam:
If you own a small business, Social Security has a free electronic filing option that allows you to prepare and submit W-2s for your employees at www.socialsecurity.gov/employer. Registering online gives you freedom from paper forms and it’s free, fast, and secure.
Follow these tips, and cover all your bases. To learn more about Social Security, visit www.socialsecurity.gov.