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Tax Tips for Newly Married Couples

First off we would like to say congrats on your new marriage!!! Along with your new marriage there could be potential changes to your tax situation. We would like to highlight a few changes once you get married:

• Name and Address Changes – If you change your name after you get married it is important to make sure you report your name change to the Social Security Administration. We have had situations where we efile a tax return but it gets rejected because the name on the tax return does not match the taxpayer’s legal name. This delays your refund because your return cannot be efiled again until you correct the name change. For your address change, you should fill out Form 8822 and send it to the IRS:

• Tax Withholdings – Couples should review their tax withholdings once they get married. As an example if both spouses work you may be moved into a higher tax bracket so you may need to increase your withholdings. You should complete a new Form W-4 and give it to your employer within 10 days of your marriage.

• Filing Status – You should review which filing status will be more beneficial for your situation, married filing joint or married filing separate. Usually married filing joint is the best option but not always. Our firm can always calculate a joint versus separate comparison if requested.

• Scams – Always be on the lookout for any potential scams and know that the IRS does not contact you by phone, text, email, or social media to start. The first contact is via the mail. But be careful, the scammers have caught onto this and have been sending out fake letters that appear to be from the IRS.

Please consult your tax advisor on all the above issues.

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