Newlywed Tax Tips Can Help You Live Happily Ever After
Newlywed tax tips? With all the planning that goes into a wedding and getting married, who is thinking about taxes? Accountants. Count on us to bring the mundane to life’s joyous occasions! Here’s a few tips to make sure your wedded bliss continues through tax time.
Newlywed Tax Tips: Changing Your Name and Address
If one or both of you is changing your name after getting married, you need to tell the folks at the Social Security Administration. Wait, you say, that’s for retirement – what does that have to do with taxes? Well, the name on your tax return has to match the one on file with Social Security. If it doesn’t, it could delay your refund and cause additional headaches. You can call or go online to get Form SS-5, Application for a Social Security Card. You can also go in person to a local Social Security office. Did someone say honeymoon field trip?!
If you change your address, you’ll want to give your new one to US Postal Service, but also the IRS. You can go online to file your new address with the USPS, or go to a post office (keep the fun going on that field trip). As for the IRS, you’ll need Form 8822, Change of Address, which you can get online (all these links will be available below).
Newlywed Tax Tips: You Might Want to Change Your Withholding
You’ll want to file a new W-4 form with your employer to establish your new withholding rate. Not only do you want to update your filing status (more on that in a second), but your combined incomes may bump you up to a higher tax bracket. The IRS has a really helpful calculator to help you figure out your withholding when you decide if you want a refund, a small tax bill, or to come out even come tax time.
Newlywed Tax Tips: Your Filing Status
When tax time does come around and you’re filing your return, you can file jointly or separately. Most couples will benefit the most from filing jointly – it makes you eligible for a variety of credits, for example. But there are situations where filing separately make sense (if you give us a call, we’ll help you figure it out). And by the way, if you’re married on December 31, even if you did the deed just the day before, the IRS considers you married for the whole tax year.
Save Us a Piece of Cake
You don’t have to invite us to your wedding. But we usually bring the house down when it’s time to dance the Macarena!
This article from the Social Security Administration tells how to change your name with the SSA.
Here’s a link to help you change your address with the IRS.
You can give your new address to the US Postal Service here.
If you can’t wait for us to teach you the Macarena, this video will show you how.
Lastly, you can learn more about our services here!