Tips for Recently Married Taxpayers

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Tips for Recently Married Taxpayers

Marriage changes many aspects of your life.  In addition to pledging to build your lives together, there are a few legal issues that need to be handled and updated after you say I Do.   For tax purposes, your new marital status is extremely important so be sure to follow a few simple rules and always consult with your accountant (CPA) to discuss tax implications.

  1. For the first few months, your marriage license will be a very important document.  Make sure you order several certified copies from the county in which you were married.
  2. If you were married anytime in a year, the IRS considers you to be married for the full year, so you may need to adjust your tax withholding with your employers. Your combined income may put you in a higher bracket if you both are employed. The IRS has a tool to help with determining this. To change your withholding you will need to fill out Form W-4.
  3. 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.
  4. 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 .
  5. If your mailing address has changed you should also notify the post office.
  6. Notify your employer of any name and address changes.

There are many other areas of life that will change as a result of your new status.  This can include access to health and dental insurance (or giving your new spouse access), legal ramifications regarding your estate planning,  and significant issues with your finances.  We are here to help answer any questions during this very exciting time so please do not hesitate to give us a call.

By | 2017-11-29T10:50:48+00:00 November 28th, 2017|Personal, Taxes|0 Comments

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