If you recently got married this summer, congrats! Unfortunately, even in a new world of married bliss, taxes still exist. Let’s talk about what you need to do as a newlywed.
Report Changes in Name and Address:
It is important to report your changed name to the Social Security Administration. Your name must match what is on file at SSA on your tax return, and if it doesn’t, your tax refund may be delayed. To update your name change, file Form SS-5, Application for a Social Security Card. Also, if your address changed when you got married, the IRS need to know. You can send the IRS Form 8822, Change of Address.
Consider Changing Your Withholding
When you get married, you need to give your employers a new Form W-4 within 10 days. If you and your new spouse work, you both may move into a higher tax bracket. You can contact us or the IRS website to see exactly how you should change your withholding.
New Filing Status
As a married couple, you can choose to file your federal income taxes jointly or separately each year. Filing jointly may be more beneficial, but be sure to figure out your taxes both ways to see what would save you the most. If you are married as of December 31st of this year, the law considers you as married for the whole year for tax purposes.
The Right tax Form
You can save money by choosing the right tax form. You may come to find as a married couple that you now have enough tax deductions to itemize on your returns. If you itemize, you would need to use Form 1040.
Avoid Scams
Be cautious of scammers out there – check out our two blog posts about identity theft and summer scams to help.
