Taxes And Your Marriage
Getting married and making plans can be extremely excited and fun. There are several details required and the preparation can be overwhelming at times. While it may not seem like a big deal, taking simple steps with your future spouse are necessary in order to avoid complicated tax problems from creeping up once you tie the knot.
You can avoid headaches as well as save time and money if you properly prepare for taxes once you are married. For example, you should make sure that you legally change your name and let the IRS know. Let the Social Security Administration know so that you can obtain a new social security card. This can be done by visiting your local Social Security office and filling out Form SS-5 for a new card.
After that, you will need to make sure to change your address. You should notify the U.S. Post Office of this change and also let the Internal Revenue Service (IRS) know of your move. You can file IRS Form 8822 in order to make sure that this is done correctly.
Then, you will want to determine your options for filing status. Your marital status is determined by IRS based on whether or not you are married on December 31 of that tax year. If you are legally married, you can make the decision whether to file separately or jointly. The right status can save you a lot of money. If you are unsure which status to pick, consult an accountant or tax professional. They will be able to look at your specific situation and determine which filing status, itemizations and deductions you should select.
Following these steps can ensure a happy tax life once you have gotten married. You can also make sure you keep proper records of business purchases and other financial records such as student loan repayments. Following these steps and getting the proper documentation can help you avoid trouble with the IRS, including costly audits.
If you are facing an IRS audit or have other tax problems contact the experts at Guardian Tax Resolutions today by visiting GuardianTaxResolutions.com for a free consultation and quote.
