Monday, August 20, 2012

Wedding Day and Taxes!!!!

As my brother Kris and Amanda have just gotten married, I thought that I could add a couple of tax pointers (because that is what we do!)
Seven Tax Tips for Newlyweds
1. Notify the Social Security Administration. Report any name change to the Social Security Administration so your name and Social Security number will match when you file your next tax return. File a Form SS-5, Application for a Social Security Card, at your local SSA office. The form is available on SSA’s website at, by calling (800) 772-1213 or at local offices.
2. Notify the IRS if you move. If you have a new address you should notify the IRS by sending Form 8822, Change of Address. You may download Form 8822 from or order it by calling (800) 829–3676 .
3. Notify the U.S. Postal Service. You should also notify the U.S. Postal Service when you move, so it can forward any IRS correspondence or refunds.
4. Notify your employer. Report any name and address changes to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.
5. Check your withholding. If both you and your spouse work, your combined income may place you in a higher tax bracket.
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.
7. Choose the best filing status. A person’s marital status on December 31 determines whether the person is considered married for that year.
And have fun on that honeymoon!