Tax Tips for Recently Married Taxpayers

It's the time of year for many couples to tie the knot. If you've recently gotten married or are getting married this summer, here are some post-marriage tips to help you avoid stress at tax time.

1. Notify the Social Security Administration − Report any name change to the Social Security Administration so that your name and SSN will match when filing your next tax return. Informing the SSA of a name change is quite simple. File a Form SS-5, Application for a Social Security Card at your local SSA office. The form is available on SSA's Website, by calling 800-772-1213 or at local offices. Your tax refund may be delayed if it is discovered that your name and SSN don't match at the time your return was filed.
   

2. Notify Those Paying You as a Contractor – If you are a self-employed, sole proprietor filing your business expenses on a Schedule C and have a different name now that you are married, you will need to notify anyone who regularly issues you a Form 1099-NEC about the name change. This will prevent a mismatch with the IRS.
   

3. Notify the IRS - If you have a new address, you should notify the IRS by sending in a completed Form 8822, Change of Address. If your state has an income tax, notify the appropriate tax agency.
   

4. Notify the U.S. Postal Service - You should notify the U.S. Postal Service when you move so the correspondence of the IRS or state tax agency can be forwarded.

5. Review Your Withholding and Estimated Tax Payments - If you and your new spouse work, your combined income may place you in a higher tax bracket, and you may have an unpleasant surprise when we prepare your joint return for the first time. On the other hand, if only one of you works, filing jointly with your new spouse can provide a significant tax benefit, enabling you to reduce your withholding or estimated payments. In either case, it may be appropriate to review your withholding (W-4 status) and estimated tax payments for the year to ensure that you will not be under-withheld or set yourself up to receive bad news for the next filing season. Even if no adjustment is needed, you will still need to advise your employer of your new marital status and name change, if applicable.
   

6. Notify the Marketplace – If you or your spouse have health insurance through a government Marketplace (Exchange), you must notify the Marketplace of your change in marital status. If you were included on a parent's health insurance policy through a Marketplace, then the parent must notify the Marketplace. Failure to notify the Marketplace can create tax filing problems.

If you have any questions about the impact of your new marital status on your taxes, please give this office a call.