Soon to be or recently married? Then IRS has some tips for you.
Uncle Sam suggests just a few more things to consider as you prepare for your big day:
1. Notify the Social Security Administration of any name change so that your name and Social Security number will match when you file your next tax return. File a Form SS-5, Application for Social Security Card available at www.ssa.gov or by calling 800-772-1213 or at your local Social Security office.
2. Notify the IRS of any change of address by filing Form 8822, Change of Address available from www.IRS.gov or order it by calling 800-TAX-FORM (800-829-3676).
3. Notify the U.S. Postal Service of any change of address so that it can forward any IRS correspondence or refunds.
4. Notify your employer of any change of name or address to make sure you receive your Form W-2, Wage and Tax Statement after the end of the year.
5. Check your withholding to be sure that you are having the proper amount of tax withheld as your combined income may place you in a higher tax bracket. The IRS has a withholding calculator available at www.IRS.gov to help you complete a new W-4, Employee Withholding Allowance Certificate if one is needed. The W-4 form is also available on the IRS website. Print it off, fill it out and give it to your employer.
6. Select the right tax form as you and your spouse may now have enough deductions to itemize. If you have been filing a 1040A or 1040EZ you may now find the 1040 long form to be the most advantageous.
7. Choose the best filing status – Your marital status on December 31st determines whether you are considered to be married for that year. Even though you are married you may find that your total Federal and State tax bill together is less if you file separately. Figure your taxes both ways to be sure to minimize your overall tax burden.
If you should need any help or assistance with any of these items, please do not hesitate to give us a call.