Even though it's not high on the list of wedding planning activities, you need to consider some simple steps which can help you keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. It's likely for you to prevent the problem of a missing refund check or even save some money.
Changes of name and address is the first thing you need to handle. You need to consider whether or not you'll itemize deductions as tax season approaches as well as 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:
Why You Should Use Your Correct Name
In order to claim personal exemptions on your tax return, you need to provide correct names and identification numbers. If you changed your name upon marrying, the number should match your new name so you need to let the Social Security Administration know and update your Social Security card. Use Form SS-5, Application for a Social Security Card.
Changing Your Address
Notify the U.S. Postal Service if you or your spouse has a new address 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. Either that or you can directly notify the IRS by filing Form 8822.
Refunding Checks
Each year, the Postal Service returns thousands of tax refund checks as undeliverable, usually because the addressee has moved. Helping to ensure the proper delivery of any refund checks is notifying both the IRS and the Postal Service of an address change in a timely manner. You can go to the IRS website and use the 'where's my refund' service to check the status of a tax refund.
Your Filing Status Should be Changed
Determining whether you are considered married for that year is your marital status on December 31. Married persons may file their federal income tax return either jointly or separately in any given year. It's likely you will save money if you choose the right filing status.
Allowing spouses to combine their income is a joint return or Married Filing Jointly and on a single tax return, combined deductions and expenses will be deducted. The return must be signed by both spouses and both are also held responsible for the contents.
Each spouse signs, files, and is responsible for their own tax return when it comes to separate returns or Married Filing Separately. 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.
You need to decide which filing status you should choose. It depends entirely on your specific situation. To make a determination, you should consider sitting down with a tax professional.
Changes of name and address is the first thing you need to handle. You need to consider whether or not you'll itemize deductions as tax season approaches as well as 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:
Why You Should Use Your Correct Name
In order to claim personal exemptions on your tax return, you need to provide correct names and identification numbers. If you changed your name upon marrying, the number should match your new name so you need to let the Social Security Administration know and update your Social Security card. Use Form SS-5, Application for a Social Security Card.
Changing Your Address
Notify the U.S. Postal Service if you or your spouse has a new address 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. Either that or you can directly notify the IRS by filing Form 8822.
Refunding Checks
Each year, the Postal Service returns thousands of tax refund checks as undeliverable, usually because the addressee has moved. Helping to ensure the proper delivery of any refund checks is notifying both the IRS and the Postal Service of an address change in a timely manner. You can go to the IRS website and use the 'where's my refund' service to check the status of a tax refund.
Your Filing Status Should be Changed
Determining whether you are considered married for that year is your marital status on December 31. Married persons may file their federal income tax return either jointly or separately in any given year. It's likely you will save money if you choose the right filing status.
Allowing spouses to combine their income is a joint return or Married Filing Jointly and on a single tax return, combined deductions and expenses will be deducted. The return must be signed by both spouses and both are also held responsible for the contents.
Each spouse signs, files, and is responsible for their own tax return when it comes to separate returns or Married Filing Separately. 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.
You need to decide which filing status you should choose. It depends entirely on your specific situation. To make a determination, you should consider sitting down with a tax professional.