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US Tax Professional Shares How a Name Change Can Impact Taxes

US Tax Professionals warn that all name changes must be reported to the SSA to avoid unexpected tax implications

/EINPresswire.com/ -- VANCOUVER, BC--(Marketwired - September 15, 2017) - Mark Schiffer of US Tax Professionals recently pointed out that most people aren't aware something as seemingly innocuous as a name change can have an impact on their taxes. If an individual changes their name, whether it's through marriage or divorce, the SSA must be notified of the change. A mismatch could cause an unexpected increase in a tax bill or reduce the size of any refund. For more, go to: http://www.us-taxprofessionals.com/wordpress/

The SSA should also be informed if a dependent had a name change. For example, this could apply in the case of adoption or divorce if a child's last name is changed. If the child does not have a Social Security Number, it's possible to use an Adoption Taxpayer Identification Number on a tax return. An ATIN is a temporary number, however. Individuals can apply for an ATIN by filing Form W-7A (Application for Taxpayer Identification Number for Pending US Adoptions) with the IRS.

When it's time to update a social security card, file Form SS-5 (Application for a Social Security Card) to notify the SSA of the name change. Forms can be obtained on SSA.gov or call 800-772-1213 to order it. The new card will show the new name with the same SSN as before.

Report changes in circumstances throughout the year as they happen, such as a name change, a new address, and changes in income or family size. This is imperative to avoid getting too much or too little advance payment of the premium tax credit. For example, individuals enrolled in health insurance coverage through the Health Insurance Marketplace may receive the benefit of advance payments of the premium tax credit. These are paid directly to an insurance company to lower monthly premiums.

For questions related to name changes and how they can impact taxes, turn to Mark Schiffer and the team at US Tax Professionals. As a team of tax experts, they specialize in providing US tax preparation services to US and Canadian citizens living cross border in the US, in Canada, and abroad. Contact 604-949-1559 or mark.schiffer@us-taxprofessionals.com for more information.

About the Company

US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.

For more information, visit http://www.us-taxprofessionals.com/ or call (604) 949-1559.

US Tax Professionals
Mark Schiffer
(604) 949-1559
Company Website: http://www.us-taxprofessionals.com

Distribution channels: Banking, Finance & Investment, Law