Tax Tips for Recently Married Taxpayers

If you, like many others during the summer months, have gotten married or plan to get married in the near future, 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 Web site, by calling 800-772-1213, or at local offices.
2. Notify the IRS – If you have a new address, you should notify the IRS by sending Form 8822, Change of Address.
3. Notify the U.S. Postal Service – You should also notify the U.S. Postal Service when you move so that any IRS or state correspondence can be forwarded.
4. Notify Your Employer – Report any name and address changes to your employer(s) to ensure receipt of a correct Form W-2, Wage and Tax Statement after the end of the year.
5. Check Your Withholding and Estimated Tax Payments – If both you and your new spouse work, your combined income may place you in a higher tax bracket and you may have an unpleasant surprise come tax season next year.  On the other hand, if only one works, filing jointly with your new spouse can provide a significant tax benefit, enabling you to reduce your withholding or estimated payments.  Either way, it may be appropriate to estimate your income tax for 2011 and make any required adjustments as soon as possible.

If you need assistance projecting your joint 2011 taxes and adjusting your withholding or other prepayments, please give this office a call.