Newlywed Tax Tips

Navigate the tax implications of getting married with our “Newlywed Tax Tips” guide. This resource provides essential information for newly married couples, covering updates to social security and IRS records, address changes, withholding adjustments, and filing status options. It offers practical advice to ensure compliance and optimize tax outcomes for couples as they transition to filing joint or separate returns.

Highlights:

• Update SSA and IRS Records: Importance of reporting name changes and address updates to avoid filing delays and ensure accurate tax records.

• Check Withholding: Adjust withholding using the IRS Tax Withholding Estimator to account for combined income, potentially higher tax brackets, and to avoid underpayment penalties.

• Choose the Right Filing Status: Options for Married Filing Jointly or Separately, including considerations for student loans, past tax issues, and maximizing deductions.

• Notify Financial Institutions: Ensure accurate 1099 reporting and prevent delays in receiving financial statements and tax documents.