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.
If you prepare for tax changes once you are married, you can avoid headaches and save you and your spouse time and money. For example, you should make sure to take steps to legally change your name. You will need to let the Social Security Administration know so that you can receive your new social security card. This can be achieved by visiting your local Social Security office and by filling out and turning in Form SS-5.
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.
Next, you will want to make sure to change your filing status. The IRS determines your marital status based on whether or not you are married on December 31 of that tax year. If you are married, you can select whether to file jointly or independently for any given year. Selecting the right status can save you and your spouse money. If you are unsure which status to select, you should consult your accountant or tax professional. They will likewise be able to make determinations about itemizing and deductions that you are eligible to receive.
These steps can help ensure that your taxes are completed properly once you are married. Other things you can do include keeping proper records of purchases, business expenses and other financial information such as student loans. This correct documentation can help you avoid problems with the IRS, including troubling audits.
Having tax problems with the IRS? Contact Guardian Tax Resolutions. Their team of lawyers can give you the help you need.