Why Married Couple Should Check Their Tax Situation [article from Articleranks]

Why Married Couple Should Check Their Tax Situation

Even though it's not high on the list of wedding planning activities, you need to consider some simple steps which can help you keep tax issues from interrupting your newly wedded bliss. Being recently married, it's important for you to check your new tax situation. It's likely for you to prevent the problem of a missing refund check or even save some money.

The first things to handle are changes of name and address. Which tax return form is right for you, what filing status you'll use, and whether or not you'll itemize deductions are the things you need to consider as tax season approaches.

The cake cutting or honeymoon shouldn't be delayed because of taxes and this is something you need to make sure of. Keep reading to learn some helpful hints that you can use for later:

Use Your Correct Name

In order to claim personal exemptions on your tax return, you need to provide correct names and identification numbers. If you changed your name upon marrying, let the Social Security Administration know and update your Social Security card so the number matches your new name. Form SS-5 Application is what you can use for a Social Security card.

When You Change Your Address

If you or your spouse has a new address, notify the U.S. Postal Service so that it will be able to forward any tax refunds or IRS correspondence. The Postal Service will also pass your new address on to IRS for updating. Either that or you can directly notify the IRS by filing Form 8822.

Checks Should be Refunded

Each year, the Postal Service returns thousands of tax refund checks as undeliverable, usually because the addressee has moved. If you changed your address and you've notified the Postal Service and the IRS, then this can help ensure the proper delivery of any refund checks. To check the status of a tax refund, go to the IRS web site and use the "Where's My Refund?" service.

Changing Filing Status

Determining whether you are considered married for that year is your marital status on December 31. In any given year, married persons may file their federal income tax return either separately or jointly. It's likely you will save money if you choose the right filing status.

With a joint return or Married Filing Jointly, spouses are allowed to deduct combined deductions and expenses on a single tax return and combine their income as well. Both spouses are held responsible for the contents and both must also sign the return.

Each spouse signs, files, and is responsible for their own tax return when it comes to separate returns or Married Filing Separately. On his or her own income is where each will be taxed on and it can only take his or her individual deductions and credits. If itemizing deductions is what one spouse is doing, then the other must do this as well.

You need to decide which filing status you should choose. On your specific situation is where this will depend on. To make a determination, you should consider sitting down with a tax professional.

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tags:Weddings,relationships,love,marriage