Six Tax Tips for Newlyweds
Wedding season is upon us and after saying “I do” you will have some changes to make. “Financial” Â decisions and changes will need to be made in regards to your filing status.
Make sure names and social security numbers match your social security administration records. Â If you have changed your name, report the change to the SSA with Form SS-5(Application for a Social Security Card).- For an address change, file Form 8822 to notify the IRS.
- If you work, report your name or address change to your employer.
- If you and your spouse both work, check the amount of federal income tax withheld from your pay. Â Your combined incomes may move you into a higher tax bracket.
- If you didn’t qualify to itemize deductions before you were married, that may have changed. You may actually save money by itemizing rather than taking the standard deduction on your tax return.
- Even if you get married on Dec. 31, that is your marital status for the entire year for tax purposes.
For any other information on this topic, you can visit www.IRS.gov or call Person CPA Group Group (504-780-8299) to speak with a trained accounting professional.