Tax Tips for Recently Married Taxpayers

If you—like many others during the spring and summer months—have gotten married or plan to get married in the near future, here are some post-marriage tips to help you avoid stress at tax time.

Notify the Social Security Administration
Report any name change to the Social Security Administration so that your name and SSN will match when you file your next tax return. Informing the SSA of a name change is quite simple. File a Form SS-5, Application for a Social Security card, at your local SSA office. You may also call 800-772-1213 or visit a local office.

Notify the IRS
If you have a new address, you should notify the IRS by sending Form 8822, Change of Address. You may download Form 8822 from the IRS website or order it by calling 800–TAX–FORM (800–829–3676). If you live in a state that imposes an income tax, also notify your state’s income tax agency of any address or name changes.

Notify the U.S. Postal Service
You should also notify the U.S. Postal Service when you move so that it can forward your mail, including any IRS or state correspondence.

Notify Your Bank(s) and Broker(s)
You should advise the financial institutions where you have accounts if you have changed your name and/or address so that the 1099 forms they issue for your accounts will report the same name as that on file with the Social Security Administration and the IRS, and so that you will timely receive the 1099 forms at your new address when they are issued next year.

Notify Your Employer
Report any name and address changes to your employer(s) to ensure receipt of your Form W-2, Wage and Tax Statement, after the end of the year.

Check Your Withholding and Estimated Tax Payments
If both you and your new spouse work, your combined income may place you in a higher tax bracket and you may have an unpleasant surprise come tax season next year. On the other hand, if only one works, filing jointly with your new spouse can provide a significant tax benefit, enabling you to reduce your withholding or estimated payments. Either way, it may be appropriate to estimate your income tax for 2012 and make any required adjustments as soon as possible.

If you need assistance projecting your joint 2012 taxes and adjusting your withholding or other pre-payments, contact the Tax Experts at Henssler Financial: experts@henssler.com or 770-429-9166.

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.