Tax Tips for Newlyweds

June is known for being the month of weddings. As newlyweds, the subject of taxes will come up sooner than you think. To help your prepare for this new tax adventure, ExpressTaxFilings would like to first congratulates you on your nuptials and pass on some great tax advice from the IRS.

Up first on the IRS Advice list is to go ahead and take care of name changes and new address. Followed by:

Use the Correct Name
It is very important to provide correct names and identification numbers to claim personal exemptions or the Earned Income Tax Credit on your tax return. If you did change your name, you should contact the Social Security Administration to let them know and update your Social Security card so the number matches your new name. To update your Social Security cars use Form SS-F, Application for a Social Security Card.

Report Your Change of Address
If your address changes, contact the U.S. Postal Service so they can forward any tax refunds or IRS paperwork. You won’t need to contact the IRS to report your address change because the Postal Service will pass on the information for you. But if you are double checker, you can always notify the IRS directly by sending Form 8822 – Change of Address. Don’t forget to update your employers about any name and/or address changes for your W-2s.

Don’t Forget Your Refund Check
Did you know that each year thousands of tax returns are undeliverable, mainly because the address has changed. It is imperative to update the Postal Service and/or the IRS if your address changes. You can always check the status of a tax refund with the IRS service – “Where’s My Refund?” via phone: 1-800-829-1954. If a refund check was returned to the IRS as undeliverable, the IRS recommends you contact their customer service line at 1-800-829-1040 to arrange reissue.

Selecting The Right Forms
Filing the right tax form can help save you money. Newlywed taxpayers may find themselves with enough deductions to itemize on their tax returns. Amounts paid for medical care, mortgage interest, contributions, casualty losses and certain miscellaneous costs can reduce your taxable income, in-turn lowering your tax. You itemize and claim these deductions you will want to file Form 1040. The previously mentioned items can not be claimed on Form 1040A or 1040EZ, although you may subtract some other items on these basic forms.

Let’s Talk Filing Status
Your marital status on December 31 determines whether you are considered married for that year. For the status of “Married”, you have choice of filing jointly or separately in any given year. By choosing the correct filing status, you could save yourself money.

  • A joint return (Married Filing Jointly) allows spouses to combine their income and to deduct combined deductions and expenses on a single tax return. Both spouses must sign the return and both are held responsible for the contents.
  • With separate returns (Married Filing Separately), each spouse signs, files and is responsible for his or her own tax return. Each is taxed on his or her own income, and can take only his/her individual deductions and credits. If one spouse itemizes deductions, the other must also.
Enjoy your time as newlyweds, just remember when tax season rolls around your filing procedure may be different. Contact your Tax Professional for more information on filing as a married couple.

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