Tax Checklist If You Are Getting Married

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Essential Tax Checklist for Newlyweds



Summary:

While taxes might not be at the top of your wedding planning list, there are a few crucial steps to ensure tax matters don’t disrupt your post-wedding bliss. Newly married? Review your tax situation to potentially save money or prevent any refund delays.

Article Body:

While you’re busy planning your wedding, taxes might not be a priority. However, taking a few steps now can prevent tax issues from affecting your newlywed happiness. If you’ve recently tied the knot, it’s a good idea to reassess your tax situation. This can help you save money and avoid missing refund checks.

Here’s a straightforward checklist to keep tax concerns at bay:

Update Your Name and Address

If you’ve changed your name, inform the Social Security Administration to update your Social Security card, ensuring your number matches your new name. Use Form SS-5, Application for a Social Security Card, for this update.

For address changes, notify the U.S. Postal Service to forward any important IRS correspondence or tax refunds. You can also complete Form 8822 to directly inform the IRS of your new address.

Ensure Refund Delivery

Every year, thousands of tax refunds are returned undelivered, often due to address changes. Timely updates to both the Postal Service and the IRS will ensure the smooth delivery of any refund checks. To track a refund, visit the IRS website and use the "Where's My Refund?" tool.

Decide on Your Filing Status

Your marital status as of December 31 determines whether you’re considered married for that year. As a married couple, you can choose to file jointly or separately. This decision can significantly impact your taxes, so choose wisely:

- Married Filing Jointly: Combines income and deductions on one tax return. Both spouses must sign and are accountable for the return.

- Married Filing Separately: Each spouse files individually, responsible for their own tax return. Each can only claim individual income, deductions, and credits. If one itemizes deductions, the other must too.

Selecting the right filing status is crucial and depends on your unique circumstances. Consider consulting with a tax professional to determine the best option.

By addressing these points, you can keep tax matters straightforward and enjoy your newlywed life with peace of mind.

You can find the original non-AI version of this article here: Tax Checklist If You Are Getting Married.

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