3 Ways the Summer of 2021 may Affect your Tax Return

Getting Married: 

Were taxes the last thing on your mind when you start planning your summer wedding? I hope so! But once the honeymooning is over, make sure to change any names that need to be with the Social Security Administration. While you are at it, be sure to make address changes with USPS, employers, and the IRS. This ensures that any tax documents you may be receiving will make it to your correct address.

Part-time Work:

If you take a second job, start a part-time job, or even do a side hustle throughout the hot summer months, make sure to report that income on your tax return. For regular W-2 employees, you will receive the required documentation through your employer before filing season the following Spring. But as a W-9 employee, you will need to keep track of all your income and withhold your taxes. The employer won’t be able to do that for you.

Summer Camps:

If your children attend any day camps while you are working, you may be able to use the costs of that as a Child and Dependent Care Expense. More on that here.