Wedding season is in full swing!
Congratulations! You have tied the knot and cut the cake. What now? Although April 15 seems far away, it will be here before you know it. Here are five simple steps to make your first joint income tax return less stressful.
Step 1: Marriage can mean a change in name. Make sure that the names you will enter on your first tax return together match the names and Social Security numbers on file with the
Social Security Administration. For example, if the wife is taking the husband’s surname, she should file Form SS-5, Application for a Social Security Card, to notify SSA of the change in her name.
Step 2: No matter when you get married this year, if you are married on Dec. 31, 2010, you are considered to have been married for the entire year in Uncle Sam’s eyes. To make sure you are having enough taxes taken out of your paychecks,
check your withholding. If both you and your spouse work, your combined income may place you in a higher tax bracket.
The IRS Withholding Calculator can help you figure the correct amount of withholding for a married couple. Making a change to your withholding now can eliminate or reduce a tax bill on April 15. Use Form W-4, Employee’s Withholding Allowance Certificate, to make the needed adjustments, then give the form to your employer.
Step 3: Let the IRS know your new address by completing a Change of Address,
IRS Form 8822. Mail the completed form to the address listed on page 2.
Step 4: The U.S. Postmaster will also want to make sure the post office has your correct address. So, don’t forget to change your address with the U. S. Postal Service.
Step 5: Just in case you forgot to invite your employer to the wedding, make sure you let them know about any name and address changes. This will ensure you receive your Form W-2, Wage and Tax Statement, after the end of the year. Make sure banks or other payers that may send you year-end tax statements have your updated name and
address as well.
When it comes to wedding planning, details are important. Why not take these steps now to be sure your first tax season as husband and wife goes smoothly as well?