Getting Married This Summer? 4 Tips To Get Ahead Of Your Taxes
If you are getting married this summer, you are going to want to make sure that you and your spouse spend some time thinking about the tax implications of getting married. After you get married, there are a few things that you are going to want to do right away in order to make tax season easier next year.
#1 Change Your Name
If one or both of you is choosing to change your name, you need to make sure that you let the Social Security Administration know. You are going to want to reach out to the Social Security Administration office and fill out a Form SS-5. This should be one of the first places you go to change your name. You are going to need a new Social Security card, with your married name on it, in order to get a new driver's license or change your name with other organizations.
You also want your name changed with the Social Security Administration because your tax returns are directly connected to your Social Security number, and you need that information to be correct.
#2 Update Employer Information
Next, you are going to want to update all information with your employer if you are changing your name. Let your employer know about your name change. Make sure that your employer changes your name on your paystubs and on your W-2s. You want all of this information to be correct and accurate when tax time rolls around.
#3 Update Your Address with the IRS
If you are moving in together for the first time, or moving into a new home together, you are going to want to change your address with the United States Post Office, as well as with the IRS. Changing your address with the IRS will help ensure that all tax information is sent to the right place.
#4 Decide How You Want to File
Next, you and your new spouse need to sit down and have a serious talk about finances. You need to talk about how much money that you both bring in and how you want to file your taxes. You can file together or you can file separately; there can be advantages and drawbacks to both methods depending on your personal financial situation. If you decide to file together, you need to figure out if either of you needs to either increase or decrease your holding.
If you are getting married this summer, make sure that you set aside some time after you get married to get everything in order for tax season next year. If one of you changes your name, make sure that you start by changing your name with the Social Security Administration and let your employer know as well.
File a change of address with the United States Post Office and with the IRS. Look at your finances and determine if it makes more sense to file together or separately. If you decide to file together, adjust your tax withholding accordingly. Bookkeeping services can help you prepare for your taxes next year as a married couple.