Tax Tips for Newlyweds:
When getting married, taxes are probably the last thing on your mind, but there are some important things to remember when you tie the knot.
First, people who change their name after marriage need to report their name change to the Social Security Administration by submitting a form SS-5. If it doesn't match, this could delay your refund or cause unneeded headaches for you down the line.
Second, if you change your address, you also need to let the IRS know. You can file a Form 8822 change of address form, or just simply wait until you file your next return and input your correct address. Depending on your situation, you may need to let the IRS know sooner than later so it might not be a bad idea to file the change address form.
Third, you should look into changing your withholdings as your financial situation will inevitably change. You may want to withhold more or less depending on your situation. Something important to note is if both of you work, you may be placed in a different tax bracket. Your employer won't know this so you will need to take this into account. Which brings us to our next point.
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Fourth, you need to fill out a new W-4 with your employer. You will need to complete a new Form W-4 for your employer within 10 days of your marriage date. Make sure you decide how much you want to withhold from your taxes before going to your employer to avoid confusion and unneeded stress.
Fifth, you need to change your filing status when filing your return. As a married couple, you can choose to file jointly or separately. Generally, I advise people to file jointly, but it may be better for you to file separately from your spouse. It's always a good idea to talk to a tax professional before deciding your filing status.
Just remember, any big life event likely has some kind of tax implication.?It is always a good idea to talk to a tax professional before making a life-altering decision.?If you would like to talk to one of our tax attorneys, please feel free to follow the link below.?