Marriage brings on many new and exciting changes. I personally wouldn’t know, but I’ve heard a few things from friends and family.
Here are a few tips on how to stay ahead with a change in marital status.
- Check your withholding at the beginning of each year or when personal circumstances change, including getting married. The IRS Withholding Calculator can help you check your withholding and complete a new W-4 form if it needs changing.
- If either of the newlyweds legally change their name it is important to report it to the Social Security Administration. The names on the tax return much match what is on file at the SSA or risk delay.
- If marriage includes an address change, the IRS and U.S. Postal Service needs to be informed. To update the IRS, fill out the Form 8822, Change of Address. You can change your mailing address online at usps.com or by visiting your local post office.
- Certain changes to household, income, or family size may affect the amount of premium tax credit, so a change in circumstance should be reported to your Health Insurance Marketplace.
- Newlywed taxpayers should consider their filing status. The tax law allows married couples to file their tax return jointly or separately in any given year. You can use the Interactive Tax Assistant to determine the best status for you.
If you have any other questions on changes that would affect your taxes, visit your Tax, Payroll, and QuickBooks Professionals at Stapley Accounting.