Summer wedding bells may have just finished ringing, but tax season will be here before you know it. As newlyweds, it’s important to make a few key updates now to ensure a hassle-free tax filing experience next year. Here’s a quick IRS-backed checklist to help you start married life on a financially smart note.
1. Update Your Name with the SSA
If either of you changed your name, be sure to report it to the Social Security Administration (SSA). Your name and Social Security number must match on your tax return to avoid processing delays.
2. Update Your Address
Moved in together? Let the IRS and the U.S. Postal Service know your new address. Use IRS Form 8822 to notify the IRS directly.
3. Notify Employers
Make sure your employers update your name and address on W-2s. This ensures accurate reporting of your income.
4. Check Your Withholding
Your combined income may bump you into a higher tax bracket. Use the IRS Tax Withholding Estimator to make adjustments via Form W-4. Doing this now can prevent an unexpected tax bill later.
5. Decide How to File
Most couples benefit from filing jointly, but it’s worth considering both options. Filing separately might make sense if one spouse has significant medical expenses or miscellaneous deductions.
6. Consider the Bigger Picture
Buying a home? Starting a business? Adding dependents? All of these life changes come with tax implications. It’s a good time to speak with a tax professional to make a plan tailored for your new life together.
7. Protect Your Identity
Consider signing up for an IRS Identity Protection PIN (IP PIN). This extra step helps prevent tax-related identity theft.
Getting married is a huge milestone. Make sure your taxes reflect your new status to avoid surprises and potentially save money down the road. Congrats, and may your future be as financially smooth as your honeymoon was sweet!
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