Will getting married affect my IRS status?
Regardless of whether you're recently married or if you're planning to be married in the near future, you will need to keep the IRS in mind. Now we know that no one wants to think about filing income taxes when they're in the midst of planning a wedding, but this is information to consider once the wedding and honeymoon are over. Taking these steps soon after you're married will help you avoid confusion and stress and could lead to tax relief when filing deadlines roll around.
Among the many items that change once you're married, one of the most confusing and complex could be the one that relates to how you will file your income taxes with the IRS. Most couples who go from single to married find it best to consult with their accountant or a CPA, and discuss with them how their income tax filing will be effected. If you're in the tax bracket that finds you and your spouse earning more than $110,000 in adjusted gross income, this could put you into the tax bracket that brings the marriage penalty tax with it. Your accountant will let you know the most advantageous filing status for the two of you. Also bear in mind that if you are hit with the marriage penalty that means there are expenses you may not be able to claim and exemptions you are no longer eligible for. Working with a tax professional will help the two of you file your taxes in the most advantageous manner.
Talking with your human resources department is another important item you will want to address after you're married. You will need to change your withholding status from single to married and, depending on your level of income, you may need to adjust additional withholding amounts. Changing your name to your new married last name will also need to be handled by your employer. Additionally you will need to change your legal name on your Social Security card by filing a form SS-5. Bank accounts and credit cards will have to have name changes incorporated as well.
If your marriage involved one or the both of you moving to a new address, you will need to file change of address information with the post office. You will also want to file a form 8822, a change of address, with the IRS as well. If you move and are able to carry your utilities along with you, you'll need to change your name as well. Also don't forget if you have life insurance policies and other insurance policies you will want to change beneficiaries and talk with your insurance agent about other changes that may need to be made to your policy.
Even though you're married it may be advantageous to file separate tax returns - based on your combined incomes. Again, speaking with a tax professional is the smartest move you can make.
Among the many items that change once you're married, one of the most confusing and complex could be the one that relates to how you will file your income taxes with the IRS. Most couples who go from single to married find it best to consult with their accountant or a CPA, and discuss with them how their income tax filing will be effected. If you're in the tax bracket that finds you and your spouse earning more than $110,000 in adjusted gross income, this could put you into the tax bracket that brings the marriage penalty tax with it. Your accountant will let you know the most advantageous filing status for the two of you. Also bear in mind that if you are hit with the marriage penalty that means there are expenses you may not be able to claim and exemptions you are no longer eligible for. Working with a tax professional will help the two of you file your taxes in the most advantageous manner.
Talking with your human resources department is another important item you will want to address after you're married. You will need to change your withholding status from single to married and, depending on your level of income, you may need to adjust additional withholding amounts. Changing your name to your new married last name will also need to be handled by your employer. Additionally you will need to change your legal name on your Social Security card by filing a form SS-5. Bank accounts and credit cards will have to have name changes incorporated as well.
If your marriage involved one or the both of you moving to a new address, you will need to file change of address information with the post office. You will also want to file a form 8822, a change of address, with the IRS as well. If you move and are able to carry your utilities along with you, you'll need to change your name as well. Also don't forget if you have life insurance policies and other insurance policies you will want to change beneficiaries and talk with your insurance agent about other changes that may need to be made to your policy.
Even though you're married it may be advantageous to file separate tax returns - based on your combined incomes. Again, speaking with a tax professional is the smartest move you can make.
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