Summertime and early fall have always been the busy time for weddings. After the honeymoon, newlyweds typically think about tax time, right? (just joking... but they should). Here are a few things that should be considered.
- If there is a name change, report this to the Social Security Administration. You need to file Form SS-5 which is available on the SSA's website at http://www.ssa.gov/. Your name and social security number have to match to electronically file your tax return.
- If you move you should notify the IRS using Form 8822. You can download this form at http://www.irs.gov/.
- Report any name or address change to your current employer and any prior employer for the current tax year. This will ensure that you will receive accurate W-2's for the tax year.
- If you are married on or before December 31, you are considered married for the entire tax year when you file your tax return. If you and your spouse both work your combined income may be putting you in a higher tax bracket. Talk to your tax advisor and review your withholding. You may need to complete a new Form W-4 for your employers to adjust your tax withholding.
- When you were single you may not have itemized your deductions. As a married couple filing jointly, you may benefit from taking itemized deductions on your tax return. Your tax advisor can give you a list of what items and documents to look for.
- Typically, filing a joint return results in the lowest tax liability, but occasionally filing separate returns may be beneficial. Ask your tax preparer to calculate the results filing both ways to ensure you are maximizing your results.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).