Congratulations! You have tied the knot and cut the cake.
Here are some simple steps to make your first, joint- income tax return less
stressful.
Step 1
Marriage can mean a change in name. Make sure that the names
you enter on your first tax return match the names and Social Security numbers
on file with the Social Security Administration. For example, if the wife is
taking the husband’s surname, she should file Form SS-5, Application for a
Social Security Card, to notify SSA of the change in her name.
Step 2:
No matter when you get married this year, even on Dec. 31,
2013, you are considered to have been married for the entire year for tax
purposes. If both you and your spouse work, your combined income may place you
in a higher tax bracket. To make sure you are having enough taxes taken out of
your paychecks, check your withholding. The IRS Withholding Calculator will
help you figure the correct amount of withholding for a married couple. Making
a change to your withholding now can eliminate or reduce a tax bill when it’s
time to file your tax return. Use Form W-4, Employee’s Withholding Allowance
Certificate, to make the needed adjustments and give the form to your employer.
Step 3:
Let the IRS know your new address by completing IRS Form
8822, Change of Address. Mail the completed form to the address listed on Page
2 of this form.
Step 4:
The U.S. postmaster will also want to make sure the post
office has your correct address. So, don’t forget to notify U. S. Postal
Service when you move, so it can forward any IRS correspondence or refunds.
Step 5:
Just in case you forgot to invite your employer to the
wedding, make sure you let them know about any name and address changes. This
will ensure you receive your Form W-2, Wage and Tax Statement, after the end of
the year. Make sure banks or other payers that may send you year-end tax
statements have your updated name and address as well.
Step 6:
Select the right tax form. Choosing the right individual
income tax form can help save money. Newly married taxpayers may find that they
now have enough deductions to itemize on their tax returns. Itemized deductions
must be claimed on a Form 1040, not a 1040A or 1040EZ.
Step 7:
Choose the best filing status. A person’s marital status on
Dec. 31 determines whether the person is considered married for that year.
Generally, the tax law allows married couples to choose to file their federal income
tax return either jointly or separately in any given year. Figuring the tax
both ways can determine which filing status will result in the lowest tax, but
usually, filing jointly is more beneficial. When it comes to wedding planning,
details are important. Why not take these steps now to be sure your first tax season
as a married couple goes smoothly as well?
IRS Circular 230 Disclosure
Pursuant to the requirements of the Internal Revenue Service Circular 230, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including in any attachments, it was not written or intended to be used, and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed in this communication
No comments:
Post a Comment