Goldenthal & Suss Consulting PC

Summer hasn’t officially started, but summertime events and happenings certainly have. Most people aren’t thinking about taxes when there’s summer fun to be had, but there’s some common activities that could impact taxpayers in the next filing season. Let’s look at a few.

Summer day camp
If a taxpayer is sending a child to summer day camp, the cost may count toward the Child and Dependent Care Credit.

Marriage
Summer is peak wedding season. Newlyweds can make their tax filing easier by taking two simple steps now:

First, report any name change to the Social Security Administration.
Next, notify the United States Postal Service, employers and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must complete and submit Form 8822, Change of Address. See page 2 of the form for detailed instructions.
Part-time/seasonal work
Summer seasonal and part-time workers may not earn enough to owe federal income tax, but they’re encouraged to file a tax return in the next filing season to get any refund they may be owed. Part-time and seasonal workers can visit IRS.gov to learn more about who should file a tax return.

Some taxpayers earn income over the summer through a side hustle or doing gig work. They can visit the Gig economy tax center at IRS.gov to learn how participating in the gig economy can affect their taxes. If taxpayers are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. For more information, go to IRS.gov/1099k.

Travel
Most kids may have the summer off, but parents generally don't – and business travel happens year-round. Tax deductions are available for certain people who travel away from their home or main place of work for business reasons. Whether a business traveler is away for a few nights or all summer long, it’s important for them to remember the tax rules related to business travel.

Summer vacations are also something that should be considered, depending on how they are paid for. Taxpayers that sell digital assets to pay for a summer trip might get a 1099-DA, so keep good records

Remembering and honoring those who made the ultimate sacrifice for our freedom. 🇺🇸

When and how to amend a tax return

Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules separately.

Reasons to file an amended return
If there are changes to key items on the original return, including:

Filing status
Income
Deductions
Credits
Dependents
Tax liability
Taxpayers can use the Should I file an amended return? tool within the IRS Interactive Tax Assistant to help decide if they should file an amended return to correct an error or make other changes if they already filed.

Time limits
To claim a refund, an amended return must generally be filed within:

Three years from the date the original return was filed, or
Two years from the date the tax was paid, whichever is later
If the original return was filed early, the three-year period begins from the April tax deadline. Special rules apply when there are net operating losses, foreign tax credits, bad debts or other issues. Additionally, taxpayers in disaster relief situations, combat zone service, have bad debts, foreign tax credits, or loss or credit carrybacks, may have more time to file an amended return.

How to file an amended return
Taxpayers must file Form 1040-X, Amended U.S. Individual Income Tax Return. When filing, they should:

Submit a corrected Form 1040, 1040-SR, or 1040-NR for the applicable tax year
Attach any supporting documents and updated forms or schedules
Refunds and payments
For tax years 2021 and later, taxpayers may request direct deposit of refunds when filing electronically. If additional tax is owed, payment should be submitted with the amended return. The amended return replaces the original return, and the IRS will calculate any applicable penalties or interest if filed after the due date.

Status of amended return
Taxpayers can check the status of an amended return approximately three weeks after it’s submitted. It generally takes 8 to 12 weeks for it to be processed. However, in some cases, processing could take up to 16 weeks.

State tax considerations
Changes to a federal return may affect a taxpayer’s state tax liability. Taxpayers should contact their state tax agency for guidance and should not attach state returns to the federal amended return.

Tax return filed: Here are ways to check the status of a tax refund

Taxpayers who filed their federal tax returns and are owed a refund may be wondering about the status. There are several options for people to check.

A new feature in Individual Online Account lets taxpayers opt in to receive email notifications when there’s an update to their refund status. Taxpayers still have the option to check their refund status without signing in with Where’s my Refund?

Other ways to check refund status

IRS mobile app
Automated hotline- refunds: 800-829-1954 or amended returns 866-464-2050
Refund statuses are available as soon 24 hours after the current filing year tax return is e-filed. The IRS issues most refunds in less than 21 days.

In some cases, a refund could be delayed. A few reasons for this are:

Making a common mistake. These include forgetting to sign the return or making a math error.
Claiming the Additional Child Tax Credit. This credit can be complicated and requires more time to review.
Failing to include bank account information for direct deposit.
Filing an amended return. The IRS must compare the two returns as well as review both.
Requesting injured spouse relief which requires the IRS to manually process the case.

From all of us at Goldenthal & Suss — Happy Tax Day!

🌸💰 Spring into savings this tax season 💰🌸
Turning receipts into refunds and stress into success ✔️
Let’s get you the most out of your return 📊✨

Scammers are becoming savvier and increasingly personal. They may pose as investment professionals, leaders of trusted financial institutions, or even accountants, all to gain your confidence and trust. With vigilance and a few tips on imposter tactics, you can recognize these fraudsters and steer clear of their traps.

Here are four signs to watch out for:

1.Too-good-to-be-true offers. If you’re getting an unsolicited investment offer, especially one claiming guaranteed or unusually high returns, watch out. Opportunities that sound too good to be true probably are.

2.High-pressure tactics. Messages or social media ads that demand your attention are trying to press your panic button. Don’t fall for any urgent requests to act immediately to “protect” your account, avoid losses, or accept a special offer.

3.Contacts from out of the blue. Unexpected messages you receive through social media, messaging apps, texts, or emails you didn’t initiate are often a good sign you’re being targeted by a fraudster.

4.Access and download requests. Think twice if you receive any requests to download software, share one-time passcodes, or allow remote access to your device. You never want to give fraudsters access to your accounts or private information.

Don’t wait until the deadline; start your taxes now and stay ahead. ✅
File early, stress less with Goldenthal & Suss Consulting P.C. 💼📄

New deductions for 2026 filing season

Seniors age 65 and older may be eligible to claim an additional $6,000 deduction
Tipped workers may be eligible to deduct up to $25,000 for qualified tips
Individuals may be eligible to deduct up to $12,500 ($25,000 for joint filers) for qualified overtime
Individuals may deduct up to $10,000 in qualified passenger vehicle loan interest.