Have you recently gotten married? Did you know that getting married brings with it changes other than the obvious? (Being that you’ve picked up a spouse!) You may not have thought of it, but changing your status from “single” to “married” brings with it changes to the way you file your taxes with the IRS and also brings with it a slew of paperwork that needs to be completed. Some people find that they can’t bring themselves to think of the IRS during their wedding planning stage but still others incorporate their change from single to married and the paperwork that goes along with that status change right into the wedding planning so that once the wedding’s over the legal documentation is already well underway.
Among the many items that change once you’re married, one of the most confusing and complex could be the one that relates to how you will file your income taxes with the IRS. Most couples who go from single to married find it best to consult with their accountant or a CPA, and discuss with them how their income tax filing will be effected. If you’re in the tax bracket that finds you and your spouse earning more than $110,000 in adjusted gross income, this could put you into the tax bracket that brings the marriage penalty tax with it. Your accountant will let you know the most advantageous filing status for the two of you. Also bear in mind that if you are hit with the marriage penalty that means there are expenses you may not be able to claim and exemptions you are no longer eligible for. Working with a tax professional will help the two of you file your taxes in the most advantageous manner.
You and your spouse will also need to fill out paperwork with your human resources department to incorporate changes to your name. You may also need to change the amount of money that is withheld from your weekly paychecks. If you’re married and continue to have your taxes withheld at the single rate you could be having too much taken out of your paycheck. Changing your name with the Social Security Administration and getting a new social security card will also need to be part of the changes you undertake after marriage. Don’t forget to change your bank accounts and credit card information as well.
Have you moved to a new house or apartment? If so you will need to change your utilities as well as adding your spouse to the bill and changing the name on your utilities. Send a change of address form to the IRS – form 8822 – so you will continue to receive notifications. Additionally, you will need to change the beneficiaries on your life insurance and retirement policies. Talk to your insurance agent about the changes you need to make in your auto and homeowner policies as well.
Don’t be surprised that with all of these changes to your married status that you still may want to file your taxes as a “married filing separate” status because it could prove to be more advantageous to your bottom line. These, though, are questions best left to your tax preparation professional. Their advice could lead to tax relief.
Seeking tax relief from the IRS? Contact Guardian Tax Resolutions. The Guardian will help you resolve your tax issues and get you the piece of mind that you deserve.