Congratulations to the new couple! You’ve entered a new phase in your life that can also affect your taxes. Here are a few tips for the newlyweds.
1. If you (or your spouse) changed your name, you’ll need to report the change to the Social Security Administration (SSA). It’s important that the name you put on your tax return matches your SSA records. Also, don’t forget to tell your HR department – you want the correct information on your W-2, Wage and Tax Statement, at the end of the year.
2. If you’ve moved, you need to notify the IRS as well as the United States Postal Service and your employer.
3. It doesn't matter what time of year you get married, the IRS considers you married for the entire calendar year for tax purposes. Most newlyweds often wonder if they should file jointly or individually. You and your spouse may want to figure the tax both ways to see how you can maximize your deductions and pay less or receive a bigger refund.
4. You may want to change the amount of federal income tax withheld from your paycheck. If you and your spouse both work, it could move you into a higher tax bracket. Click here to use the IRS Withholding Calculator tool to help you complete a new Form W-4. Your employer might also be able to provide you with a new form.
5. You and your spouse might be able to save money by itemizing deductions rather than taking the standard deduction.
Being a newlywed is an exciting time in life that brings about many changes. Please consult a tax professional for specific advice regarding your individual situation.