Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. There are many items that need to check off, like changing names and addresses. A mismatch in information could mean a delay in getting your refund!
Here are five simple steps that can make filing your first tax return as newlyweds less stressful! Remember, hiring an individual accountant in St. Petersburg can take many of these to-do’s off of your list.
Check your withholdings when your personal circumstances change — like after getting married. Using the IRS Withholding Calculator is a good way for your to check your withholding. Taxpayers who need to change their withholding should complete and submit a new Form W-4 to their employer.
Marriage may mean a change in name. If either – or both – of the newlyweds legally change their name, it’s important to report that change to the Social Security Administration. The names on the taxpayers’ tax return must match the names on file at the SSA. If it doesn’t, it could delay your refund.
If a marriage means a change in address, the IRS and the U.S. Postal Service need to know. Newlyweds can file Form 8822, Change of Address, to update your mailing address with the IRS. You should notify the postal service to forward your mail by going online at USPS.com or by visiting your local post office. Not doing so could cause a delay in getting your refund.
Be sure to report changes in circumstances to your Health Insurance Marketplace as they happen. Certain changes to your household, income or family size may affect the amount of the premium tax credit. This can affect your tax refund or the amount of tax owed. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan.
Newlyweds should consider their filing status. A taxpayer’s marital status on December 31 determines whether they’re considered married for that full year. Generally, the tax law allows married couples to file their federal income tax return either jointly or separately in any given year. This can be tricky, and often requires the help of an experienced individual accountant to help guide your decision.
Let Elevate Accounting Solutions help you with filing your documents! We can help determine what filing status is best for your new family and tie up any loose ends so you can enjoy your day. Contact us today to set up your free consultation!