Say “I Do” And Then Make Tax Changes
Planning a wedding can be extremely fun and exciting. There are many details to attend to and the preparation can be overwhelming. While it may not be a top priority, there are simple steps that you and your future spouse should take in order to keep complicated tax issues from arising once you tie the knot.
Proper tax preparation for newlyweds can save headaches, time and money. You will need to make sure to, for example, change your legal name. In order to properly file your taxes and all exemptions, you will need to let the Social Security Administration know that you are legally changing your name and also request a new social security card. This can be done at your local Social Security office and by completing Form SS-5, the Application for a Social Security Card.
After that, you will need to make sure to change your address. You should notify the U.S. Post Office of this change and also let the Internal Revenue Service (IRS) know of your move. You can file IRS Form 8822 in order to make sure that this is done correctly.
Next, you will want to make sure to change your filing status. The IRS determines your marital status based on whether or not you are married on December 31 of that tax year. If you are married, you can select whether to file jointly or independently for any given year. Selecting the right status can save you and your spouse money. If you are unsure which status to select, you should consult your accountant or tax professional. They will likewise be able to make determinations about itemizing and deductions that you are eligible to receive.
These steps can help ensure that your taxes are completed properly once you are married. Other things you can do include keeping proper records of purchases, business expenses and other financial information such as student loans. This correct documentation can help you avoid problems with the IRS, including troubling audits.
If you are facing an IRS audit or have other tax problems contact the experts at Guardian Tax Resolutions today by visiting GuardianTaxResolutions.com for a free consultation and quote.
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