Whether you’re planning your marriage or have recently gotten married, you need to spend a few minutes thinking about how your new status will affect your taxes and your standing with the IRS. When you’re in the middle of planning your nuptials the last thing you’re thinking of is tax filing rules and regulations but it is something you want to think about once the honeymoon is over. If you have time, though before your wedding it might be helpful to pick up the forms you will need to complete once the ink has dried on your legal wedding documents.
Because the tax code is always changing, you may want to check with your accountant or a tax preparation official before you file your taxes. If you’re accustomed to having filed your own taxes, it can be tricky to know what you will do now that you’re newlyweds. Many people have heard of the “marriage penalty tax” and this can come into play when you have an adjusted gross income of more than $110,000 because at this level you could be phased out of personal exemptions and certain credits. Also, under the marriage penalty there are certain itemized deductions – this is why it’s important to work with a knowledgeable tax preparation professional to make certain you’re getting all of the benefits and credits to which you’re entitled.
You and your spouse will also need to fill out paperwork with your human resources department to incorporate changes to your name. You may also need to change the amount of money that is withheld from your weekly paychecks. If you’re married and continue to have your taxes withheld at the single rate you could be having too much taken out of your paycheck. Changing your name with the Social Security Administration and getting a new social security card will also need to be part of the changes you undertake after marriage. Don’t forget to change your bank accounts and credit card information as well.
If your marriage involved one or the both of you moving to a new address, you will need to file change of address information with the post office. You will also want to file a form 8822, a change of address, with the IRS as well. If you move and are able to carry your utilities along with you, you’ll need to change your name as well. Also don’t forget if you have life insurance policies and other insurance policies you will want to change beneficiaries and talk with your insurance agent about other changes that may need to be made to your policy.
Don’t be surprised that with all of these changes to your married status that you still may want to file your taxes as a “married filing separate” status because it could prove to be more advantageous to your bottom line. These, though, are questions best left to your tax preparation professional. Their advice could lead to tax relief.
Seeking tax relief from the IRS? Contact Guardian Tax Resolutions. The Guardian will help you resolve your tax issues and get you the piece of mind that you deserve.
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