Tax Tips That Will Help Newlyweds



            The IRS wants newlyweds to follow some of these tips (which ever one applies to you) that will most likely help you out when tax season rolls around.

1. Notify the Social Security Administration about a name change- you must report to the Social Security Administration when you change your name, so your name and social security number will match when you file a return. The best way to go about it is filing a SS-5 application form for a new social security card or you may also go to the SSA website.

2. Notify the IRS if you move-sometimes when you get married you may move to a different residence. In order for the IRS to get an accurate address of your new residence you can download form 8822 and send it to the IRS.

3. Notify the U.S. Postal Service- when you move the best way to accurately change your address is by notifying your local post office. They can forward any mail back to you including any correspondence and refunds from the IRS.

4. Report any name change to your employers to make sure you receive the correct information on your W2 at the end of the year.

5. Updating your withholding- Like a name change it is also important to update your withholding status. For example if both you and your spouse work you may now have to combine your income together and once it's combined that may put you in a higher tax bracket. you may need to fill out a new W4 (Employee Withholding Allowance Certificate) or you can also print one by going online to www.IRS.gov

6. Select the right tax form. Newly married taxpayers may find that they now have enough deductions to itemize on their tax returns. However, they must be claimed on a 1040 not a 1040A or 1040EZ

7. What's the best filing status for you? A person's marital status on December 31 determines whether the person is considered married for that year. Usually the tax law allows married couples to choose to file their federal income 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.

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