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Optima Tax Relief reminds couples that getting married can affect their Tax Situation

With wedding season in full swing, couples should be aware that the way they file their taxes will completely change and can even lead to some tax time surprises. Newlyweds should be aware of how their tax situation could affect them before tying the knot.

Optima Tax Relief provides a tax checklist for newly married couples to utilize:

Make sure to update your name and address

  • Couples that change their name after getting married should report this new change to the Social Security Administration (SSA). Couples filing their taxes should also verify that the tax return they filed matches what they have on file at the SSA. If the names on a couple’s tax return does not match the name that the SSA has on file, it could delay any tax refund. To update any information, taxpayers should file Form SS-5, Application for a Social Security Care.
  • Newly married couples that change addresses need to update both the IRS and the U.S. Postal Service. Taxpayers should send the IRS Form 8822, Change of Address and inform the postal service to forward their mail by visiting the postal service’s website or their local post office.

Withholding

  • After getting married, couples should review their withholding to ensure that it is still accurate. Couples are required to provide their employers a new Form W-4, Employee’s Withholding Allowance, within 10 days. If both spouses are employed, it may cause them to move into a higher tax bracket or be affected by the additional Medicare tax. Taxpayers can use the Tax Withholding Estimator on the IRS website to help complete a new Form W-4.
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Filing Status

  • Married couples have the option to file their federal income taxes jointly or separately every tax year. Although filing jointly is far more beneficial, in some cases filing separately could be a better choice for some couples based on their finances. Couples married as of December 31, will be considered by the law as married for the whole year.
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