Zulch Tax Consultants
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ZULCHAT

Zulch Tax News & Updates

Child Identity Theft & Social Security Online Account

If You Have Minor Dependents, Watch for Child Identity Theft

Child Identity Theft is on the rise. Here are some warning signs that your child may be a victim of Identity Theft:

  • The child receives bills in his or her name

  • The child receives credit cards or pre-approved credit card offers

  • The child receives calls from collection agencies

  • A credit report exists in the child’s name

  • The parent receives a notice from the IRS that their child’s name and/or SSN is already listed on another tax return

Here is a link with some helpful information from the Federal Trade Commission: https://www.consumer.ftc.gov/articles/how-protect-your-child-identity-theft

If You Received Advanced Child Tax Payments Via Direct Deposit or Check:

If you received Advanced Child Tax Payments via direct deposit or check starting in July 2021, the IRS will be sending you Letter 6419 in January 2022 listing the total amount you received. Please keep that letter with your 2021 tax documents to provide to us for tax preparation.

Economic Impact Amount

In early 2022, the IRS will send Letter 6475 that contains the total amount of the third Economic Impact Payment and any Plus-Up Payments received. Please give this letter to us with all of your other tax documents.

Charitable deduction reminder

All taxpayers will receive a deduction for cash
contributions made in 2021 to qualifying organizations of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers. Typically, this deduction is only allowed for taxpayers who itemize their deductions. Therefore, this is a good year to be charitable!

Social Security Online Account:

If you don’t already have a Social Security online account, we suggest that you set one up. Please visit their website for instructions on how to create an account at https://www.ssa.gov/myaccount/

Did you Change Your Name Due to Marriage, Divorce or Another Reason?

If you changed your name due to marriage, divorce and another reason be sure to report your name change to the Social Security Administration . If the name on your tax return does not match the name on file with the SSA, it make cause a delay in processing your tax return and any refund you may be due. To make your name change with the SSA, go to https://www.ssa.gov/ssnumber and select “Name Change” to provide the details.

Kevin Zulch