JUNE IS HERE - TIPS FOR RECENTLY MARRIED TAXPAYERS

Summer wedding season is in full swing. If you recently got married or are planning a wedding, the last thing on your mind is taxes. However, there are some important steps you need to take to avoid stress at tax time. Here are some tips for newlyweds.

1. Notify the Social Security Administration.Report any name change to the Social Security Administration so your name and Social Security number will match when you file your next tax return. File a Form SS-5, Application for a Social Security Card, at your local SSA office. The form is available on SSA’s website at http://www.ssa.gov.
2. Notify the IRS. If you move and have a new address you should notify the IRS by sending Form 8822, Change of Address. You may download Form 8822 from http://www.IRS.gov.
3. Notify the U.S. Postal Service.You should also notify the U.S. Postal Service when you move so it can forward any IRS correspondence or refunds.
4. Notify your employer. Report any name and address changes to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.
5. Check your withholding.If both you and your spouse work, your combined income may place you in a higher tax bracket. You can use the IRS Withholding Calculator available on http://www.IRS.gov to assist you in determining the correct amount of withholding needed for your new filing status. The IRS Withholding Calculator will give you the information you need to complete a new Form W-4, Employee's Withholding Allowance Certificate. You can fill it out and print it online and then give the form to your employer(s) so they withhold the correct amount from your pay.
6. Choose the best filing status.A person’s marital status on Dec. 31 determines whether the person is considered married for that year. Generally, the tax law allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but usually filing jointly is more beneficial.
7. Don't forget the non tax items such as wills, beneficiaires of pension plans and life insurance policies.
8. Health Insurance.If both parties have health insurance at work or private health insurance you need to look at your options.