Thursday, July 18, 2013

Getting Married? Some Things to Remember…

If you have gotten married or are getting married any time during 2013, your tax status for the 2013 tax year will be “married.” In addition to remembering to pick up the rings and the marriage license, there are some administrative tasks that are very important to ensuring a smooth transition for you and your spouse when it comes to the IRS. It’s important to note that these suggestions also apply to same-sex couples who are marrying, no matter what state you live in.

Here are some things to add to your busy checklist:
  • If you are changing your name, be sure to update your information with the Social Security Administration by filing an SS-5 form. If the name you use on your tax return does not match the name associated with your Social Security Number, you are creating a world of confusion and hassle for yourself.  This is a very important step!
  • If you are changing your address, you need to notify the IRS using form 882, Change of Address.   This will ensure that the IRS knows how to contact you if there are any questions or issues with a prior return. It is wise to notify the U.S. Postal service as well. A third party to notify is you and/or your spouse’s employer. You want to be sure you receive your W-2 at the end of the year in a timely manner.  
  • If both you and your spouse are employed, you may find yourself in a new income tax bracket because of your combined income. Be sure to check whether you should increase one or both of your payroll deductions to ensure that you are not surprised at the end of the year by owing money as a result. You may need to fill out a new W-4 with your employer to make any necessary changes.  
  • Another change that may occur as a result of marriage is you may be able to itemize your deductions, which could save you and your spouse money. Be sure to consider your situation before assuming you should continue taking the standard deductions after marriage.
Contact us for questions about or assistance with any or all of these steps. This is a big step in your life, and you want to be sure you get started on the right foot!

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