Maybe you had been dating for years and he finally popped the question. Maybe you are college sweethearts who are taking the next step. Or maybe you met each other on a dating site, it was love at first sight, and you eloped soon after. Whatever the scenario, you tied the knot in 2014 (even December 31st counts in the eyes of the law). Well now that tax season is upon is, do you know what you are going to do? Here a few tax tips from Allen & Associates, Inc. Tax and Bookkeeping in Smyrna, Tennessee to help you out.
This first one is for the ladies...did you change your name? If you did, you need to (or hopefully already did) contact the Social Security Administration and get a new card issued to you with your new name. This will save you a huge headache along with HOURS on the phone. I know from personal experience. (I apparently didn’t exist in the IRS’s minds because the name on my card was different from the one I filed under, even though my number remained the same. ) You don’t want to go through this mess, so please make that trip to the S.S. Admin ASAP.
Keeping on the subject of government agencies, you should complete Form 8822 if your physical address changed. (I’m assuming you moved in together since you are married:-) Doing this will help alleviate problems due to mismatched addresses in the IRSs database when you file your tax return.
Spread the good news with your boss. No really, let your boss, well actually the Human Resources Department, know about your recent status and name change. No, they won’t send you a nice gift from your registry, but they will send you a W-2 with your new name on it making it easier to file.
Deductions Baby! Yes, filing jointly may put you in a higher tax bracket if both you and your new spouse work, but you will also have more combined deductions which may lead to itemizing rather than taking the standard deduction. We’re talking more money in your pocket (or at least less owed). When you bring your papers and receipts into the tax experts at Allen and Associates, they will be able to prepare your taxes for both married filing jointly and separately to assure you the largest refund. Historically however, filing jointly will save you money.
There you have it, a little advice for all you newlyweds out there from the bookkeepers and tax experts at Middle Tennessee’s Allen & Associates, Inc. Also, for other tax tips or just to make an appointment to bring your taxes in, please visit www.aasmyrna.com. Happy tax season everyone!