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Taxpayers Should Include Tax Plans In Their Wedding Plans
August 17, 2019
Everyone who wants to get married knows that planning a wedding requires a lot of detail. There are probably a lot of things on your mind right now and you are going to have a long to-do list. But you need to make sure that the first tax return as a married couple is on your checklist along with the gift registry and the cake. The Internal Revenue Service (IRS) has a lot of tips and tools for helping the newlywed couples to figure out how marriage may affect their taxes. Despite that, you might still be confused but you don't need to worry as we have 5 simple steps which will help you in filling your first tax return as a newlywed.
5 Steps To Filling Out Your First Tax Return After Getting Married
- Step 1. Every taxpayer should check his/her withholding when their circumstances change or at the beginning of each year. Getting married is a big change in personal circumstances. You should use the IRS withholding calculator as it is a great way for taxpayers for checking their withholding. If you need to change your withholding then you need to complete and submit a new Form W-4, Employee’s Withholding Allowance Certificate to their employer.
- Step 2. Sometimes marriage means that the spouses will change their name. If you have recently married and changed your name then it is important that you report this change to the Social Security Administration. Because it is important that the name on your tax return matches the name on your file at the Social Security Administration. If for some reason it doesn’t match then it could delay any possible refunds.
- Step 3. Marriage often means that you will be moving to a new house. This indicates a change in the address. If that's the case then the U.S. Postal Service and the IRS need to be notified. If you have been recently married then you need to file a Form 8822, Change of Address for updating your mailing address with the IRS. For updating your mailing address with the U.S. Postal service, you can do so by visiting their local post office or by going to their website.
- Step 4. If you receive advance payments of the premium tax credit then you should report the changes in your circumstances to the Health Insurance Marketplace. Amount of the premium tax credit may be affected by certain changes like household income or family size. This can, in turn, affect the amount of tax owed or a tax refund. You should also notify the Marketplace when you move out of the area which is covered by your existing Marketplace plan.
- Step 5. If you are recently married then you need to consider your filing status. You will be considered married for the full year according to your marital status on December 31st. The tax law generally allows married couples to file their federal income tax return either separately or jointly in any certain year. You can use the Interactive Tax Assistant for determining the status which suits you best.
The Takeaway
While planning for a wedding seems to have endless details to manage, it is important to keep in mind the tax ramifications and steps to follow for filling out your tax returns.
If you are looking to acquire the services of a CPA but cannot manage to find a trustworthy CPA firm then you needn't worry. Consider acquiring the services of Cartier CPAs. At Cartier CPAs, our goal is to provide clients with the highest level of respect and quality of service. If you would like to request a free consultation or contact us
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