A tax checklist for newly married couples
Personal Tax Returns in Houston
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation.
Here’s a checklist of items for newly married couples to review:
Name and address changes
- Name. When a name changes through marriage, it is important to report that change to the Social Security Administration (SSA). The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office.
- Address. If marriage means a change of address, the IRS and U.S. Postal Service need to know. To do that, people should send the IRS Form 8822, Change of Address. Taxpayers should also notify the postal service to forward their mail by going online at USPS.com or their local post office.
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 IRS Withholding Estimator on IRS.gov to help complete a new Form W-4. See 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.
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.
Personal Tax Returns in Houston
CPA in Houston, Alfredo Gaxiola in Houston, Certified Public Accountant in Houston, Bookkeeping in Houston, Certified QuickBooks Proadvisor in Houston, QuickBooks Set Up and Training in Houston, Bank Financing in Houston, Business Tax Returns in Houston, Personal Tax Returns in Houston, Quarterly & Monthly Filings in Houston, Financial Statement Preparation in Houston, Form Preparation in Houston, Payroll Preparation in Houston, Reviews Temporary Bookkeeping Services in Houston, Reducing your taxes in Houston, IRS representation in Houston