Congrats on tying the knot! While you’re planning your honeymoon or combining Spotify playlists, don’t forget to give your taxes some love too. Below are eight tips to help make your tax filings as smooth (and refund-friendly) as possible.
- Choose Your Filing Status Carefully
Regardless of whether you were married January 1 or December 31, the Internal Revenue Service (IRS) considers you married for the whole year. Most couples save more in taxes by filing jointly but run the numbers both ways. You may find filing married separately provides a better tax outcome. Click HERE for more information on filing statuses. - Update Name Changes with the Social Security Administration (SSA)
Failing to update any change to your name with the SSA could cause issues with your tax return and delay your refund. Click HERE to download and complete Form SS-5, Application for a Social Security Card. You may also be able to update your name ONLINE if you meet certain criteria. - Update Your Address Everywhere
If you moved residences, be sure to update the address with the IRS (Form 8822), United States Postal Service, and your employer so that tax forms and refunds don’t get lost or returned as undeliverable - Reevaluate Your Tax Withholding
If you and your spouse are both employed, combining income could bump you into a higher tax bracket. Use the IRS Tax Withholding Estimator to review your current withholding and adjust your W-4 if necessary to avoid a surprise tax bill. - Beware of Scams
The IRS won’t, call, text, or DM you about your taxes. First contact by the IRS is made by the U.S. Postal Service. If you are unsure about any communication you receive from the IRS, check your account on IRS.gov.. - Self-Employed? Adjust Estimated Payments
if you are self-employed, do gig work, have a side hustle, or are freelancing, be sure you reassess and adjust your quarterly payments to avoid getting hit with penalties in April. - Access Helpful IRS Tools
IRS resources like Publication 505 for estimated taxes and Topic 157 on address changes are surprisingly useful. Click HERE for a full list of online tools and resources - Hire a Tax Pro
Marriage = Teamwork. Price Kong & Co., CPAs, PA can help with tax strategy and preparation, so you get the maximum benefit and avoid tax headaches. Let us handle your taxes so you can live happily ever after.
Pro Tip: The sooner you handle these updates, the more time you’ll have to focus on the fun stuff. Reach out to Price Kong today and let’s make sure your tax strategy is just as strong as your relationship.