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Show WedThursFrl, June 30-July 2, 2004 The Park Record Marital bliss tempered by tax rules Newlyweds should be aware of different rules to follow when filing tax returns Submitted by the Internal Revenue Service It may not be high on the list of wedding planning activities, but there are a few simple steps that can, help keep tax issues from interrupting your newly-wedded bliss. If you recently married, check out your new tax situation, advises the IRS. You might save money or even prevent the problem prob-lem of a missing refund check. The first things to handle are changes of name and address. Later, as tax season approaches, consider whether or not you'll itemize deductions, which tax . return form is right for you and what filing status you'll use. No one should delay the cake cutting or honeymoon because of taxes. But here are some helpful hints for later: Use the correct name You must provide correct names and identification numbers to claim personal exemptions or the Earned Income Tax Credit on your tax return. If you changed your name upon marrying, let the Social Security Administration know and update your Social Security card so the number matches your new name. Use Form SS-5, Application for a Social Security card. Report your change of address If you or your spouse have a new address, notify the U.S. Postal Service, so that it will be able to forward any tax refunds or IRS correspondence. The Postal Service will also pass your new address on to the IRS, which will update your account. You may also notify the IRS directly by sending Form 8822, Change of Address. Or write to the IRS center cen-ter where you filed your most recent return and provide your full name, old and new addresses, SSN and signature. Rfcmember to let your employers know about any name or address changes so you'll receive your W-2s after the end of the year. Get that refund check Each year, the Postal Service returns thousands of tax refund checks as undeliverable, usually because the addressee has moved. Notifying both the Postal Service and the IRS of an address change in a timely manner can help ensure the proper delivery of any refund checks. To check the status of a tax refund, use the IRS's "Where's My Refund?" service or call the toll-free refund line at 1-800-829-1954. If your refund check was returned to the IRS as undeliverable, call the toll-free customer service line at 1-800-829-1040 to arrange for reissuance. reis-suance. Select the Right Form Choosing the right individual income tax form can help save money. Newly married taxpayers may find that they now have enough deductions to itemize on their tax returns. Amounts paid for medical care, mortgage interest, inter-est, contributions, casualty losses and certain miscellaneous costs can reduce your taxable income, lowering your tax. You must use Form 1040 if you itemize deductions. deduc-tions. You cannot claim these deductions if you file Form 1040A or 1040EZ, although you may subtract some other items on these basic forms. If the tax package you receive in January doesn't have all the forms you need, you may download down-load them from the IRS Web site or call (toll-free) 1-800-TAX-FORM (1-800-829-3676.) Choose the best filing status Your marital status on Dec. 31 determines whether you are con sidered married for that year. Married persons may file their federal income tax return either jointly or separately in any given year. Choosing the right filing status sta-tus may save you money. A joint return (Married Filing Jointly) allows spouses to combine their income and to deduct combined com-bined deductions and expenses on a single tax return. Both spouses must sign the return and both are held responsible for the contents. With separate returns (Married Filing Separately,) each spouse signs, files and is responsible responsi-ble for his or her own tax return. Each is taxed on his or her own income, and can take only his or her individual deductions and credits. If one spouse itemizes deductions, the other must also. Figuring the tax both ways can determine which filing status will result in the lowest tax - usually, it's filing jointly. IRS Publication 501, Exemptions. Standard Deduction. and Filing Information, has detailed information informa-tion on filing status. For additional information, see IRS 'lax Tip 2004-16. Marriage or Divorce - Check Your Social Security Number, dated January 26, which is located in the Newsroom section of the IRS Web site at www.irs.gov. A ' -H. ) This week in Real Estate your 4oi(K)ai)owni'aymi:ntsc)UK(:i:? (nj Micfuicf LaTmj Many people now have 401 (K) retirement programs. In accordance with current federal regulations, you can borrow bor-row up to 50 of the account balance -up to $50,000 - to garner money for a down payment on property. The question is: do you really want to? The borrowed money must be repaid; if not, you could suffer significant tax consequences. conse-quences. You need to find out how much you can borrow, the loan term, interest rate and default consequences as well as lender qualification policies before you dip into your 401 (K). Tax laws change frequently, so check with your financial advisor before pursuing this or any real estate strategy. Michael LaPay Mouiik 435.640.5700 On icp.: 435.655.8600 580 Main Stri r.r. Park City Virhai Torus: vvww.i'iriu taii.com E-mail: ml apayih ri it aii.com Prudential Utah Real Estate Consumers plan to spend for 4th 184 million adults plan to celebrate Independence Day this year by spending Though the market seems saturated sat-urated with patriotic merchandise, merchan-dise, consumers are still shopping . for flags, clothes and decorations. According to the findings of a new National Retail Federation (NRF) survey, consumers own more flags (67.9 percent vs. 63.1 percent) and more patriotic apparel (53.1 percent vs. 49.5 percent) than they did a year ago ... and they're still spending. The NRF 2004 July 4th Consumer Intentions and Actions Survey, conducted by BIGresearch for NRF, found that 24.5 million Americans plan to purchase additional patriotic merchandise this month. "Consumers want to demon strate their patriotism by displaying display-ing flags and wearing red, white, and blue," said NRF president and CEO Tracy Mullin. "Retailers are offering a variety of patriotic merchandise to keep up with a steady demand from their customers." According to the survey, more than 85 percent of consumers will celebrate July 4th, with many planning to go to picnics or cook-outs cook-outs (56.9 percent), watch fireworks fire-works (37.8 percent), and go to a parade (9.5 percent.) Also, nearly near-ly one in 10 consumers, or 19 million mil-lion Americans, plan to travel or go on vacation over the Independence Day weekend. Retailers offering special sales over the July 4th weekend will not be disappointed, as more than one-fourth of consumers (26.6 percent) plan to go shopping. shop-ping. Last year. 24.2 percent of consumers went shopping over the July 4th weekend. By the numbers 122.6 million Americans will have a cookout or picnic on Julv 4th 81.48 million Americans will watch fireworks or attend a community com-munity celebration 20.45 million people will go to a parade 18.98 million Americans will travel or go on vacation over the long weekend 49.13 million consumers will go shopping over the three-day-July 4th weekend to take advantage advan-tage of special sales and discounts. Daily Water Consumption June20'"-26,h 8 6 1'. y) m ?u J') A) Juno Mount Air Cafe Family Restaurant Since 1979 Breakfast, Lunch & Dinner Specials Daily Open 7 days a week Great family menu Breakfast served 6 a.m.to 9 p.m. ii i 51 KYLE BURRESSIPARK RECORD Park City Jet. 224 & 248 East 649-9868 www. p a r k r e c ord.com atzzizpS f t $ F mmmmmmmmlllmml imiiimimiiiiiiiji inn mi mi mi urn imii i i CiJiMiMoOiMo $0MN&O0ANC0NS REASONS v m6h Mi; 1 . y v .-. . v- I , J. - V- " ,... I . . Celebrate Independence Day Eve at The Canyons! On July 3. celebrate Independence Day Eve with the Disco Drippers live on stage at the Resort Village. Fireworks are planned for sunset (about 9 pm) and the music will continue until 10 pm. Presented by Zions Park City Bank and " also sponsored by the Park City Chamber and Visitors Bureau and The Canyons Resort Village Management Association. Free and open to the public. THE Canyons PARK CITY. UTAH SCENIC GONDOLA RIDES. The Flight of The Canyons gondola is open Wednesday-Sunday Wednesday-Sunday from 10 am-4 pm. Mountain bikes welcome! A MENU TO FIT THE SETTING. The talented culinary team from Lookout Cabin has moved to Red Pine Cafe, located at the top of the gondola. Open Wednesday-Sunday from 11:30 am-3 pm. Locals, show your Park City business card on Wednesday and ride the gondola to lunch for free! Season Passholders at The Canyons always ride the gondola for free. CAMP FOR KIDS. The Canyons Kids Camp is back with its assortment of indoor and outdoor fun for the younger set. Call 615-8036 for more information and reservations. SUMMER ADVENTURES. For everything from fly-fishing to horseback riding to kayaking and Whitewater rafting, call The Adventures Desk . at 615-8086 for information and reservations. SAMPLE THE PARK CITY FARMERS' MARKET. Whether fresh peaches or eclectic jewelry, this is the marketplace for things grown and created locally. Stop by every Wednesday from 2 pm-7 pm in The Canyons Cabriolet parking lot. NEW ARTISANS' AND FARMERS' MARKET. Each Saturday this summer, visit the new Artisans' and Farmers' Market in The Canyons Resort Village from 3 pm-8 pm. For more information visit www.thecanyons.com. SUMMER AT THE SPA. Complement summer's slower pace with a relaxing massage, facial or other treatment from the Grand Summit Health Club. Gift Certificates available. Call 615-8035 to schedule your appointment. MUSIC in iL MOUNTAINS The Celebrate Saturdays Summer Music Series returns to The Canyons with a tremendous lineup of high-quality regional and national acts. Come out. relax and enjoy these fun events for the whole family. ZIONS PARK CITY BANK" Ms PRESENTS Celebrate Saturdays! Live in The Canyons Resort Village. Free and open to the public. 6 pm-8:30 pm Saturday, July 10 Saturday, July 17 Saturday, July 2k Saturday, July 31 Saturday, August 7 Saturday, August 14 Saturday, August 21 CJ Chenier and The Red Hoi Louisiana Band Papa Mali Dave Mason Sam Bush Tarbox Burning Spear Canned Heat afo k 4 spoored psrkcity in part by A woenltin rtnflt lit B4lMiilMIl. Sprint Saturday, July 17 Tastes at The Canyons Utah's top chefs will showcase their prized specialties for an afternoon of tasting to support the Mountain Trails Foundation. Event begins at 4pm. Tickets are $25 at the door. $20 in advance. Call 435-615-8060 for more information. B-11 |