How does Getting Married Affect Your Tax Situation?

June has arrived and so has wedding season! Marriage effects every aspect of your life – and that includes taxes. Did you know that the IRS has created a checklist for newly married couples?

Newly Married Checklist

Step 1: Name & Address Change

Name: If you are changing your name after you get married, you must report the name change to the Social Security Administration. The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund.
To update information, taxpayers should file Form SS-5, Application for a Social Security Card, available at SSA.gov
Or call: 800-772-1213
You may also get a form at your local SSA office.
Address. If marriage means a change of address, the IRS and U.S. Postal Service need to know.
Send the IRS a completed Form 8822, Change of Address.
Download Here: Form 8822,Change of Address.
Notify the post office online to forward your mail at: USPS.com or visit your local post office.

Step 2: Withholding

Newly married couples must give employers a new Form W-4, Employee’s Withholding Allowance within 10 days.
If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax.
Use the Tax Withholding Estimator on IRS.gov to help complete a new Form W-4.
Review Publication 505,Tax Withholding and Estimated Tax for more information.

Step 3: Filing Status

Married couples can choose to file their federal income taxes jointly or separately each year.
While filing jointly is usually more beneficial, it’s best to figure the tax both ways to find out which works best.
You can reach out to the team at Collom CPA to get a better understanding your specific tax situation.
If a couple is married as of December 31, the law says they’re married for the whole year for tax purposes.

Beware of Scams

All taxpayers should be aware of and avoid tax scams.
The IRS will never initiate contact using email, phone calls, social media or text messages. First contact generally comes in the mail.
Taxpayers who wonder if they owe money to the IRS can click here to view their tax account information on IRS.gov .

To review how marriage, divorce, childbirth or any other life event can affect your taxes, Click Here