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Tax Tips for Newlyweds

7/8/2013

 
Late spring and early summer are popular times for weddings.  Whatever the season, a change in your marital status can affect your taxes.  Here are several tips from the IRS for newlyweds.

  • It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records.  If you’ve changed your name, report the change to the SSA.  To do that, file Form SS-5, Application for a Social Security Card.  You can get this form on their website at SSA.gov, by calling 800-772-1213 or by visiting your local SSA office.

  • If your address has changed, file Form 8822, Change of Address to notify the IRS.gov.  You should also notify the U.S. Postal Service if your address has changed.  You can ask to have your mail forwarded online at USPS.com or report the change at your local post office.

  • If you work, report your name or address change to your employer.  This will help to ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year.

  • If you and your spouse both work, you should check the amount of federal income tax withheld from your pay.  Your combined incomes may move you into a higher tax bracket.  Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4, Employee's Withholding Allowance Certificate.  See Publication 505, Tax Withholding and Estimated Tax, for more information.

  • If you didn’t qualify to itemize deductions before you were married, that may have changed.  You and your spouse may save money by itemizing rather than taking the standard deduction on your tax return.  You’ll need to use Form 1040 with Schedule A, Itemized Deductions.  You can’t use Form 1040A or 1040EZ when you itemize.

  • If you are married as of Dec. 31, that’s your marital status for the entire year for tax purposes.  You and your spouse usually may choose to file your federal income tax return either jointly or separately in any given year.  You may want to figure the tax both ways to determine which filing status results in the lowest tax.  In most cases, it’s beneficial to file jointly.

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  • Home
  • About
    • Book An Appointment
  • Accounting
    • Dashboard
    • Xero+Accountency
    • Xero Intro
    • AutoMagical Accounting
    • QuickBooks >
      • QuickBooks Updates
    • Store
  • Payroll
  • Taxes
    • Dashboard
    • Individuals
    • Businesses
    • Tax Stuff >
      • Individuals >
        • Income >
          • Debt Forgiveness
          • Foreign Income
          • Gambling Income
          • Unemployment
          • Other Income
        • Deductions & Credits >
          • Adoption
          • Charitable Contributions
          • Earned Income Tax Credit
          • Educational Expenses
          • Energy Tax Credits
          • Employee Business Expenses
          • Other Deductions and Credits
        • Affordable Care Act - Individuals
        • Children and Dependents
        • Death
        • Disabled Taxpayers
        • Educators
        • Health Care
        • Identify Theft
        • Marriage and Divorce
        • Military
        • Real Estate
        • Retirement Savings
        • Seniors
        • State Taxes
        • Record Keeping
        • Who Must File
        • Other Topics
      • Businesses >
        • Affordable Care Act - Businesses
        • Year-end Reporting Obligations >
          • 1099's
          • Health Insurance Premiums
          • Depreciation
          • Reimbursed Employee Business Expenses
          • Company Automobiles
        • Employment Tax Credits
        • Independent Contractors
        • Tax Credits and Deductions for Businesses
        • Other Business Topics
        • Required Business Posters
      • Amended Returns
      • IRS Notices and Problems
      • Tax Plan >
        • All About the Earned Income Tax Credit
        • 5 IRS Audit Red Flags
        • Retirement Plans for Sole Proprietors
        • Are You Claiming All of Your Tax-Deductable Business Expenses for 2015?
        • All About Past Due Tax Returns
        • Do You Need to File Form 1099s?
        • How to File an Appeal with the IRS
        • Why You Might Get a Letter from the IRS, and What to Do
        • How to File an Amended Tax Return
        • Should You Claim the Home Office Deduction?
        • How to Avoid -- And Deal with -- Identify Theft
        • Q & A: IRS Audits
        • Are You Using the Right Business Structure?
        • Starting Planning for 2015 Income Taxes Now: 5 Tips
        • What You Need to Know About Estimated Taxes
        • Contractor or Employee? How the Income Tax Obligations Differ
        • The New Form 1095-A: Reporting Health Insurance Coverage
        • Are Your Social Security Payments Taxable?
        • Do You Qualify for the Earned Income Tax Credit?
        • Are You Eligible for Health Insurance Tax Credits
        • Employee Retirement Plans - Tax Advantages and Other Benefits
        • 5 Business Tax Credits You May Be Missing
        • New Business in 2012
        • Is it a Bad Debt or a Simple Revenue Loss? Telling the Difference
        • Business Taxes Add Complexity: How Will This Affect You?
      • Tax Scams