Summer Activities Can Affect Next Year’s Tax Return

Summer Activities Can Affect Next Year’s Tax Return

Getting Married:

• Report any name change to the Social Security Administration. Report and address change to the United States Postal Service, employers and IRS.

Sending Kids to Summer Day Camp:

• Unlike overnight camps, cost of summer day camp may count towards the child and dependent care credit.

Working Part-Time:

• While summertime and part time workers may not earn enough to owe federal income tax, they should remember to file a return. They’ll need to file to get a refund for taxes withheld from their checks.
• Employees receive a Form W2 from their employer. They’ll use this to prepare their tax return. W-2’s should be received by January 31 next year. Employees will get a W2 even if they no longer work for the summertime employer.
• Summertime workers who work as independent contractors aren’t subject to withholding, making them responsible for paying their own income taxes plus Social Security and Medicare taxes.