For newlyweds, there are likely other things on their minds aside from taxes. In fact, most people like to ignore taxes until they absolutely have to. However, there are several things that change when it comes to your taxes once you have married and may be filing jointly. It’s important for newlyweds to make a couple of changes and plans as far as taxes are concerned so that they are ready when that time comes. Mark Dicus & Company is here to share some tips to help make it as simple as possible for newlyweds to prepare for this big change.
Do I Need to Change My Name on My Social Security Card after Marriage
It is extremely important that your name reflects the same on your social security card and your ID. This means that if you are going to be taking your spouse’s name or changing yours in any way, you need to get a new card on the way. This can take time, so it is important that you get it done when there isn’t a rush, and everyone is working on this. The sooner the better when it comes to this important document.
Single VS Married Tax Withholdings
It may seem like it is your employer’s responsibility to handle the amount of money that comes out of your check each month and goes to taxes. However, it isn’t. You are asked to fill out that information and can make changes to it as you need to. The amount of money that needs to be withheld is based on your personal situation. You will need to change your marital status on that document once you are married. If your spouse works as well, it may mean that you are bumped into a different tax bracket as well, so you need to plan for that.
IRS Change of Address
This may come as no surprise, but if you have moved after getting married, you need to report your new address to the IRS. You can do this by filling out a Form 8822 so they know where you are at when tax season comes around.
Changing Filing Status from Single to Married
It doesn’t really matter what time of the year it was when you got married. According to the IRS, that year you were married will count for the full year. You can file your taxes jointly or separately depending on what works best for you and your relationship. It may work to your benefit to at least file separately that first year for tax purposes.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
That’s why it’s important to work with the professionals at Mark Dicus & Company to decipher which way you should plan for your taxes in the upcoming year. We can help you maximize your returns and pay as little taxes as possible when you leave your tax filing up to us. It is important to look at it from all angles before you decide. Call us today!