Marriage is a beautiful journey, and with it comes the need to navigate new financial landscapes together. As newlyweds, one of the most important steps you can take is to get your tax situation in order. Doing so now can prevent complications and ensure you’re taking full advantage of the benefits available to married couples. Let’s dive into the essential tax tasks you should tackle right after your wedding.

Key Steps in Your Tax Checklist

Report a Name Change

If either spouse has changed their name, it’s crucial to report this to the Social Security Administration (SSA). The name on your tax return must match the one on file at the SSA to avoid delays in processing your tax refund. To update your information, file Form SS-5, Application for a Social Security Card. This form is available on the SSA website, by calling 800-772-1213, or at your local SSA office.

Update Your Address

Changing your address with the United States Postal Service (USPS), your employers, and the IRS is essential. To officially change your mailing address with the IRS, complete and submit Form 8822, Change of Address. Detailed instructions are provided on page 2 of the form.

Check Your Withholding

Newly married couples need to submit a new Form W-4, Employee’s Withholding Certificate, to their employers within 10 days of marriage. If both spouses are working, this adjustment is crucial as it may move you into a higher tax bracket or subject you to the additional Medicare tax. Use the Tax Withholding Estimator on the IRS website for guidance on completing a new Form W-4.

Review Your Filing Status

Married couples have the option to file their federal income taxes jointly or separately each year. While filing jointly is often more advantageous, it’s beneficial to calculate your taxes both ways to determine which option offers the best outcome. Remember, if you are married as of December 31, the IRS considers you married for the entire year for tax purposes.

Beware of Scams

Taxpayers should always be vigilant about tax scams. The IRS does not contact taxpayers via email, phone calls, social media, or text messages. Typically, the first communication from the IRS is by mail. To verify if you owe money to the IRS, you can view your tax account on the IRS website.

Wrap-Up

In summary, newlyweds can simplify their tax filing process by updating their name and address, adjusting their withholding, choosing the best filing status, and staying aware of potential scams. Taking these steps now can save time and prevent issues when tax season arrives.

Start your married life on the right financial footing by tackling these tax tasks today. For more detailed guidance and resources, visit IRS.gov. Don’t let tax season catch you off guard!