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What Newly Married Couples Need To Know About Taxes

What Newly Married Couples Need To Know About Taxes

As summer time approaches, many couples are finalizing their wedding plans and preparing to say, “I do.” If you are one of those who plan on marrying in tax year 2015, there are several things that it is important for you to know now in order to make things easier on yourself when April rolls around and it's time to pay your taxes.

> Take care of name changes now - If you're going to be making changes to your name, make sure that you do it officially and file the appropriate paperwork with the Social Security Administration so that when it comes time to file your taxes, your name matches your Social Security Number. You can take care of this very easily by downloading Form SS-5, Application for a Social Security Card from the Social Security Administration website and then submit it at whatever local Social Security office is most convenient for you. For information on Social Security office locations, visit the website or call 800-772-1213. Taking care of this is important, as there is a possibility that your income tax refund will be delayed if this issue isn't addressed. 

> Take care of address changes now - If one or both of you are relocating, it is important you provide the IRS with your new address. You can do this by sending their Form 8822, Change of Address, which is available for download on the IRS website.

Similarly, you should notify the U.S. Postal Service of any address changes so that all of your correspondence, including W-2s, 1099s, W-9s and state, federal and local tax correspondence can reach you in a timely manner. You can do this at the USPS website.

> Modify withholdings and estimated payments as needed - Whether you are an employee or self-employed, getting married may make a shift in your tax bracket. Anticipating this and making a change in your withholding or estimated tax payments as soon as possible can help you avoid owing big amounts or even having to pay fines. Take the time to review your current status and compare it to the changes that your marriage will make in order to make sure that you haven't underpaid the government.

> Check your health insurance status - A change in marital status requires notification of the government Marketplace, whether you have purchased your insurance there for yourself or you're included on your parent's policy. The earlier you make this information available to the Exchange, the better.

Starting this new chapter in your life has important financial implications. For help through the transition, consult National Tax, Accounting and Financial at (727) 345-7790.

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Tom Gargiulo, E.A.

Tom Gargiulo, E.A.

Tom Gargiulo, E.A. is a tand Quickbooks accounting professional based in St. Petersburg, Florida. Tom is a Member of the National Society of Tax Professionals and has been Enrolled to Practice before I.R.S. since 1986. Specializing in Quickbooks Accounting, Consulting and Training, he has many QuickBooks certifications. National Tax, Accounting & Financial is a family business started over 25 years ago. If you could summarize our firm in one word, it would be "personalization". Our firm gets to know our clients as people and uses our personalized service to best meet their needs in all facets of our business. This translates into savings for our clients. We bring unique solutions to complex problems by applying years of experience and the latest technologies. We can assist you with your tax preparation and accounting needs.

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