Summer is here! We hope you are enjoying your summer vacations and are soaking up the sun. Here are some tax tips you can soak up as well…

One: Newlyweds

If you are getting married this summer, you should report your name change to the Social Security Administration before next year’s tax return. Then you will need to prove your address change to the US Postal Service and the IRS. Why not do so now and save the hassle later? 

Two: Part-time & Summer Work

Even if it is for a short period of time, employers still must withhold Social Security and Medicare taxes. You should receive a W-2 form from your employer.

If you are self-employed or an independent contractor, you still need to pay your own taxes. 

Three: Itemization Points

If you are planning on itemizing for next year, keep these tips in mind: 

• The total deduction that you can deduct for state and local income, sales and property taxes is limited to $10,000 filing jointly and $5,000 filing singly. 
• The deduction for mortgage interest is limited to interest paid on a home loan that you used to buy or build your house with. 
• If you bought a home after December 15th 2017, you can only deduct mortgage interest you pay on a total of $750,000 if filing jointly or $375,000 if filing separately. (If you bought the house before that date, you can continue to deduct interest on a total of $1 million in qualifying debt.)
• If you donate items to a charity, you may qualify for a tax deduction. You would need to itemize the deductions for charitable contributions and have proof of the donations.
• If you are using a personal vehicle while donating services, you may qualify for a tax break and can deduct up to 14 cents per mile. So keep track of your mileage! 

A personal tip… enjoy your summer! It is over all too quickly. 

Image from QuotesHumor.com
Info from IRS.gov website