Now that you’ve pronounced your “I
Do’s,” and the honeymoon is over, the last thing on your mind is
taxes. But if you’re soon to be married or just married, you’ll
need to review your changing tax status. Here are seven tips for
newlyweds or those who soon will be.
- Notify the Social Security Administration.
Report any name change to the Social Security Administration so
your name and Social Security number will match when you file your
next tax return. File a Form SS-5, Application for a Social
Security Card, at your local SSA office. The form is available on
SSA’s website at www.ssa.gov, by calling 800-772-1213 or at
local offices. - Notify the IRS if you move. If you have a new
address you should notify the IRS by sending Form 8822, Change of
Address. You may download Form 8822 from www.IRS.gov or order
it by calling 800-TAX-FORM (800-829-3676). - Notify the U.S. Postal Service. You should
also notify the U.S. Postal Service when you move so it can forward
any IRS correspondence or refunds. - Notify your employer. Report any name and
address changes to your employer(s) to make sure you receive your
Form W-2, Wage and Tax Statement, after the end of the year. - Check your withholding. If both you and your
spouse work, your combined income may place you in a higher tax
bracket. You can use the IRS Withholding Calculator available on www.irs.gov to help
you determin the correct amount of withholding for your new filing
status. The Calculator will give you the information you need to
complete a new Form W-4, Employee’s Withholding Allowance
Certificate. You can fill the form out online and print it and give
it to your employer(s) so the correct amount is withheld from your
pay. - Select the right tax 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. Itemized deductions must be claimed on a Form
1040, not a 1040A or 1040EZ. - Choose the best filing status. A person’s
marital status on Dec. 31 determines whether the person is
considered married for that year. Generally, the tax law allows
married couples to choose to file their federal income tax return
either jointly or separately in any given year. Figuring the tax
both ways can determine which filing status will result in the
lowest tax, but usually filing jointly is more beneficial.
For more information about changing your name, address and
income tax withholding visit www.irs.gov. IRS forms and publications
can be obtained from www.irs.gov or by calling 800-TAX-FORM
(800-829-3676).