July 2014

Getting Married? Changing your name? Check out these IRS tax tips

The latest Tax Tip from the IRS has some nice reminders about what to do when you get married.  I especially like the reminders about changing your name with the Social Security Administration.  You want to make sure your name is up to date with every agency, but especially with Social Security -- if you want to get credit for all of the payroll taxes you pay into Social Security, your name will need to be up to date.

Another answer to the question - How long should I keep my stuff?

At Moseley & Associates, we get questions all the time about how long to keep your tax documents.  A recent Tax Court Case (Koriakos, TC Summary Opinion 2014-70TC Summary Opinion 2014-70) gives us some nice reminders about how long to keep the materials supporting the deduction claims on your tax return.  In this case, the taxpayers tried to deduct charitable contributions and business expenses without substantiation.