Tax Checklist If You Are Getting Married

Tax Checklist If You Are Getting Married



It may not be high on​ the​ list of​ wedding planning activities,​ but there are a​ few simple steps that can help keep tax issues from interrupting your newly wedded bliss. if​ you​ recently married,​ check out your new tax situation. you​ might save money or​ even prevent the​ problem of​ a​ missing refund check.

The first things to​ handle are changes of​ name and address. Later,​ as​ tax season approaches,​ consider whether or​ not you'll itemize deductions,​ which tax return form is​ right for you​ and what filing status you'll use.

No one should delay the​ cake cutting or​ honeymoon because of​ taxes. But here are some helpful hints for later:

Use Your Correct Name

You must provide correct names and identification numbers to​ claim personal exemptions on​ your tax return. if​ you​ changed your name upon marrying,​ let the​ Social Security Administration know and update your Social Security card so the​ number matches your new name. Use Form SS-5,​ Application for a​ Social Security Card.

Change of​ Address

If you​ or​ your spouse has a​ new address,​ notify the​ U.S. Postal Service so that it​ will be able to​ forward any tax refunds or​ IRS correspondence. the​ Postal Service will also pass your new address on​ to​ IRS for updating. you​ may also notify to​ notify the​ IRS directly by filing Form 8822.

Refund Checks

Each year,​ the​ Postal Service returns thousands of​ tax refund checks as​ undeliverable,​ usually because the​ addressee has moved. Notifying both the​ Postal Service and the​ IRS of​ an​ address change in​ a​ timely manner can help ensure the​ proper delivery of​ any refund checks. to​ check the​ status of​ a​ tax refund,​ go to​ the​ IRS web site and use the​ "Where’s My Refund?" service.

Changing Filing Status

Your marital status on​ December 31 determines whether you​ are considered married for that year. Married persons may file their federal income tax return either jointly or​ separately in​ any given year. Choosing the​ right filing status may save you​ money.

A joint return (Married Filing Jointly) allows spouses to​ combine their income and to​ deduct combined deductions and expenses on​ a​ single tax return. Both spouses must sign the​ return and both are held responsible for the​ contents.

With separate returns (Married Filing Separately),​ each spouse signs,​ files and is​ responsible for his or​ her own tax return. Each is​ taxed on​ his or​ her own income,​ and can take only his or​ her individual deductions and credits. if​ one spouse itemizes deductions,​ the​ other must also.

Which filing status should you​ select? it​ depends entirely on​ your specific situation. you​ should consider sitting down with a​ tax professional to​ make a​ determination.




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