When you tie the knot one of the last things on your mind is probably taxes. However, once back from the honeymoon you need to start getting ready for the upcoming tax year as your decision to get married will affect your taxes. Therefore, today we are discussing things newlyweds can do to prepare for tax season.
Alert the Social Security Administration of Your Name Change
You need to let the Social Security Administration know about your name change. When you file your taxes if your information does not match when the IRS verifies it your refund will be delayed. To avoid the headache let the Social Security Administration know of your name change as soon as possible.
Be sure to check out our other Shoreline CPA and Seattle CPA blog post for newlyweds: “Tax Impacts of Getting Married”
Decide if You Will File Jointly or Separately
Now that you are married, you are only able to file married filing jointly or married filing separately. Marriage allows you to take advantage of numerous tax benefits. However, filing jointly is something that may not be ideal for you. Therefore, before tax season sneaks up on you it is ideal for you and your spouse to decide how you will file.
Adjust Your Withholding
Any time a life changing financial event takes place you have to adjust your withholdings. Marriage is one of the life changes events that require you to do so. Therefore, it is important to make sure you update your withholding as soon as possible.
Bottom Line
There are other things that newlyweds have to do to prepare for tax season. However, these are some of the main things that you want to be sure to get done as soon as possible, so filing taxes as a married person can be as easy as possible for you.