Tax Tips for Recently Married Taxpayers

Federal, State, Local and International Taxes – If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS.

  • Notify the Social Security Administration – It’s important that your name and Social Security number match on your next tax return, so if you’ve taken on a new name, report the change to the Social Security Administration.
  • Notify the U.S. Postal Service – To ensure your mail – including mail from the IRS – is forwarded to your new address, you’ll need to notify the U.S. Postal Service. Submit a forwarding request online at http://www.usps.com or visit your local post office.
  • Notify your employer – Report your name and/or address change to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.
  • Check your withholding – If you both work, keep in mind that you and your spouse’s combined income may move you into a higher tax bracket.
  • Select the right tax form – Choose your individual income tax form wisely because it can help save you money. Newlywed taxpayers may find that they now have enough deductions to itemize on their tax returns rather than taking the standard deduction. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.
  • Choose the best filing status – A person’s marital status on Dec. 31 determines whether the person is considered married for that year for tax purposes. Tax law generally allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but filing jointly is usually more beneficial. 

Bottom line: planning for your wedding may be over, but don’t forget about planning for the tax-related changes that marriage brings. 

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ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

www.abataxaccounting.wordpress.com

EXPATRIATE TAX

International Tax – If you’re planning a move abroad, or you’re already an expatriate, you have more to think about than adjusting to a new culture. Although it may be tempting, you must not ignore your U.S. taxes.

Every U.S. citizen – regardless of whether they are living in the U.S. – must file a tax return with the federal government.

The tax situation for expatriates is often complicated and frustrating. Many variables affect how much expatriates pay Uncle Sam – from whether you deduct your foreign taxes, to your host country, to your employment situation. Fortunately, we can help. For free consultation contact us today.

Amare Berhie, International Tax Advisor

ABA Tax Accounting

amare@abataxaccounting.com

Skype id “amareberhie”

612-282-3200

866-936-0430 Toll Free

http://www.abataxaccounting.com

http://abatax81.blogspot.com

http://www.abataxaccounting.com

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