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Tax Tips for Recently Married Taxpayers

July 18, 2014

This is the time of year for many couples to tie the knot.  If you marry during 2014, here are some post-marriage tips to help you avoid stress at tax time.

  1. Notify the Social Security Administration − Report any name change to the Social Security Administration so that your name and SSN will match when filing your next tax return.  Informing the SSA of a name change is quite simple.  File a Form SS-5, Application for a Social Security Card at your local SSA office.  The form is available on SSA’s Web site, by calling 800-772-1213, or at local offices.  Your income tax refund may be delayed if it is discovered your name and SSN don’t match at the time your return is filed.
  2. Notify the IRS – If you have a new address, you should notify the IRS by sending Form 8822, Change of Address.
  3. Notify the U.S. Postal Service – You should also notify the U.S. Postal Service  when you move so that any IRS or state tax agency correspondence can be forwarded.
  4. Review Your Withholding and Estimated Tax Payments – If both you and your new spouse work, your combined income may place you in a higher tax bracket, and you may have an unpleasant surprise when we prepare your return for 2014.  On the other hand, if only one of you works, filing jointly with your new spouse can provide a significant tax benefit, enabling you to reduce your withholding or estimated payments. In either case, it may be appropriate to review your withholding (W-4 status) and estimated tax payments, if any, for 2014 to make sure that you are not going to be under-withheld and that you don’t set yourself up to receive bad news for the next filing season.

If you have any questions about the impact of your new marital status on your taxes, please give our office a call.