What You Need To Know About Taxes If You re Getting Married

Below is a MRR and PLR article in category Society -> subcategory Marriage.

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What You Need to Know About Taxes When Getting Married


Summary


While taxes might not top your wedding planning list, addressing them early can save you money and avoid missing refund checks. Newlyweds should assess their new tax situation to ensure smooth sailing as a couple.

Key Considerations


Once you're married, make these tax-related changes to keep things running smoothly:

Update Your Name

If you’ve changed your name, inform the Social Security Administration to update your Social Security card. Use Form SS-5 for a name update to ensure personal exemptions on your tax return are accurate.

Change of Address

If moving, notify the U.S. Postal Service to forward mail, including tax refunds and IRS correspondence, to your new address. Consider also updating your address directly with the IRS using Form 8822.

Check Your Refund Status

Every year, tax refund checks are returned as undeliverable due to address changes. Timely updates to your address help prevent this. You can track your refund using the "Where's My Refund?" service on the IRS website.

Filing Status Options

Your marital status as of December 31 determines whether you are considered married for the year. You have the option to file either jointly or separately. Here's a breakdown:

- Married Filing Jointly: Combines incomes and deductions on a single return. Both spouses sign and share responsibility for the return.

- Married Filing Separately: Each spouse files their own return, accountable for their individual income, deductions, and credits. Note that if one spouse itemizes deductions, the other must as well.

Choosing the right filing status depends on your specific financial situation. Consider consulting a tax professional to make an informed decision.

Taking these straightforward steps can help you navigate your new tax landscape smoothly, leaving you free to enjoy your newlywed life without unnecessary financial stress.

You can find the original non-AI version of this article here: What You Need To Know About Taxes If You re Getting Married.

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