Tax Insights

Your Guide to State, Local, Federal, Estate + International Taxation

6 Newlywed tax tips

Have you recently married? Do you plan on being married by the end of the year? Likely the last thing on your mind currently is taxes, but there are a few things you’ll want to take care of to avoid unnecessary stress at tax time.

Learn more about tax planning as newlyweds

  1. 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 the SSA’s website at ssa.gov, by calling (800) 772-1213 or at local offices.
  2. 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 irs.gov or order it by calling (800) TAX-FORM.
  3. 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.
  4. 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.
  5. 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 to assist in determining the correct amount of withholding needed for your new filing status. The IRS Withholding Calculator will give you the information you need to complete a new Form W-4, Employee’s Withholding Allowance Certificate. You can fill it out, print it online and give the form to your employer(s) so they withhold the correct amount from your pay.
  6. Choose the best filing status. Your marital status on December 31 determines whether you are 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.

Please consult your Henry+Horne tax advisor with any questions. And may you live happily ever after.

 

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