Marriage is a new journey entirely. One of the things you must prioritise as newlyweds is your tax checklist. Don’t wait till tax filing season; all your data with the Social Security Administration (SSA) and Internal Revenue Service (IRS) must be updated and also match.
Below is the tax checklist for newlyweds:
After getting married, couples need to ensure everyone knows their new name, which must have been legally changed. They also need to report to the Social Security Administration (SSA) for filing. At the Internal Revenue Service (IRS), they will match your name with the data at SSA. If it doesn’t match, it would affect your tax filing, but if it does, no worries.
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In marriage, one spouse will have to change to a new address. As a newlywed, you need to update your address with the IRS and also make it known to other people around you.
The tax checklist includes coordinating your taxes very well. If you don’t, you can end up owing the IRS when it’s time for tax filing. Miscalculation could lead to a penalty. A higher-earning spouse can claim all the couple’s allowances on his or her form while the lower earner claims nothing. But it can still end in higher taxes if not managed well.
It is important that you reassess all your tax benefits after getting married. Your tax checklist should include making necessary changes at your workplace; don’t wait for the next benefits enrollment. Your tax-preferred medical account, flexible spending account (FSA), and other health care coverage should be looked into.
Don’t concentrate only on federal taxes. You should also remember state tax, and it is usually the same as the federal tax. Some Americans face state tax in addition to what they annually owe the U.S government. Check out your state tax office or tax adviser to know what to expect as a married man or woman.
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