Tax Changes to Make After You Say "I Do"

sweet-ice-cream-photography-79569-unsplash.jpg

Include these Tax To-Do Items on Your Summer Wedding Checklist

Wedding planning is a stressful endeavor but very important to make sure your big day goes off without a hitch. So focus on each other and enjoying the moment. But after the things calm down you need to do a little tax planning to make sure your tax preparation goes off without a hitch too. Here are a few steps to make your tax day (and your future financial tranquility) a success. 

  1. Name Change – When filing your tax return the names and social security numbers must match the social security records otherwise your tax return could get rejected. To make this change you need to report it to the social security administration by filing Form SS-5 Application for a Social Security Card. The best way to get this form is to download it from SSA.Gov. You can also call 800-772-1213 and order the form. The third option is to get it from a local social security administration office.

  2. Withholding Change – After getting married your tax situation changes which means you might want to change your tax withholdings on your paycheck. To do this you have to fill out and provide your employer with a new Form W-4Employee’s Withholding Certificate. The withholding rates for married people is lower than that of single people so some couples find that they do not have enough tax withheld at the married rate. You can check out this IRS Withholding Calculator to help you figure out how much to withhold and how to complete your new W-4.

  3. Circumstances Change – Now that Obama care is the law of the land you need to report your familial changes to your health insurance marketplace if you are receiving a premium tax credit advanced payment. You also need to report your change in income. By doing this it will help you avoid surprises on your tax return like a smaller refund or owing more than you were expecting.

  4. Address Change – Tell the IRS if you move. You need to file Form 8822 with the IRS. You also need to notify the US Postal Service online at USPS.com. You should consider using mail forwarding to avoid lost tax documents.

  5. Filing Status Change – If you are married on or before December 31st of any given year you should now consider using married filing jointly tax status. This is usually a more beneficial way to file your taxes but depending on your circumstances you should also consider calculating taxes separately to make sure you are paying the least amount of tax. Ask your tax professional for more information about this.

If you need help making any of these changes or want someone to take care of your taxes for you this year please don’t hesitate to contact us today!

What To Do If You Receive a Notice From the IRS

IRS Quick Tip: 401(k) Plans