The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.
Here's a tax checklist for newly married couples:
After getting married, couples should consider changing their withholding. Newly married couples must give their employers a new Form W-4, Employee's Withholding Allowance within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to help complete a new Form W-4. Taxpayers should review Publication 505, Tax Withholding and Estimated Tax for more information.
Married people can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it's best to figure the tax both ways to find out which works best. Remember, if a couple is married as of December 31, the law says they're married for the whole year for tax purposes.
All taxpayers should be aware of and avoid tax scams. The IRS will never initiate contact using email, phone calls, social media or text messages. First contact generally comes in the mail. Those wondering if they owe money to the IRS can view their tax account information on IRS.gov to find out.
Source: IRS
Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.
Certified Public Accountant in Houston, Alfredo Gaxiola CPA in Houston, Certified QuickBooks Proadvisor in Houston, QuickBooks Set Up and Training in Houston, Business Tax Return in Houston, Personal Tax Returns in Houston, Quarterly & Monthly Filings in Houston, Financial Statement Preparation in Houston, Consulting Services in Houston, Payroll Preparation in Houston, Bookkeeping Services in Houston, Bank Financing in Houston, IRS representation in Houston
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