Tax Tips for Newlyweds
Summer is a popular time for joyous weddings, so congratulations newlyweds! Getting married is not only the joining of homes and families, but taxes as well. Since change in marital status will affect your taxes, we’ve listed some tips for all the newlyweds out there:
- If you’ve changed your name, make sure your name and social security number on your tax return match your Social Security Administration records. If it does not match, your return will be rejected and sent back. Before filing your taxes, go to ssa.gov to download form SS-5. Once it is filled out, take it to your SSA office with your marriage certificate and driver’s license. You will be verified within 48 hours and a new card will be mailed to you.
- If your address has changed, notify the IRS of the change. Also notify the U.S. Postal Service through USPS.com
- Report your name or address change to your employer. This will ensure you receive your W-2 statement at the end of the year.
- Consider itemizing deductions on your tax return. You may have not qualified before, but now that you are married it may make sense to itemize your deductions.
- If you are married on or before the last day of the tax year for which you are filing (December 31st), you can declare either married filing jointly or married filing separately. You may want to calculate the taxes both ways to determine which filing will be most financially beneficial.
Always consult with your tax professional for any advice and/or a second opinion.r guide content into this box.