July 31, 2015
Summertime is a busy time for weddings, which can raise concerns about finances.
A few helpful tax tips can make things much easier come tax return filing time:
1. Change of name – If you’re changing your name legally, you must also do so at the Social Security Administration (SSA). Your name and Social Security number on your tax return must match your SSA records. That won’t happen if you use your new married name on the tax return but have not changed your name with the SSA. File Form SS-5, Application for a Social Security Card, to change your name. You can download this form at SSA.gov.
2. Change in income tax withholding – When you get married, you should fill out a new Form W-4 with your employer. The withholding rates for married and single people are different. In addition, if your spouse is working, you might want to fill out page 2 of the W-4 designed for two-worker families. Use the IRS Withholding Calculator tool at IRS.gov or, to be sure you will be claiming the appropriate amount, contact your CPA for a tax withholding calculation. By filling out a new W-4 form, you can also ensure that your correct name and address will be used on your Form W-2.
3. Change in circumstances – This has to do with the Affordable Care Act and the health insurance marketplace. Your change in circumstances could affect your premium tax credit. You should report changes in circumstance to your health insurance marketplace.
4. Change of address – Form 8822 is used to let the IRS know your new address. You should also make an address change at the United States Post Office. Your address can be changed online at USPS.com.
5. Change in filing status – Your marital status as of Dec. 31 determines your tax return filing status. A married person can file either as married filing jointly or married filing separately.
The IRS website provides many useful tools including YouTube videos and podcasts.
Some of the related YouTube videos are:
- Getting married
- Changed your name after marriage or divorce?
- IRS withholding calculator
- Premium tax credit: Changes in circumstances
Some of the related podcasts include:
- Changed your name after marriage or divorce?
- IRS withholding calculator
- Premium tax credit: Changes in circumstances
Getting married is one of the biggest days of your life – and can be one of the most stressful. Make things easier at tax time by following a few helpful hints.
This article was originally posted on July 31, 2015 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at marketing@grfcpa.com.