With the summer months being a popular time for weddings, it’s important to remember how your marital status can affect your taxes.
It’s important the names and Social Security numbers you record on your tax return match the Social Security Administration (SSA) records. Changed names should be reported to the SSA to avoid any complications when filing your taxes. Also, report the name change with your employer to ensure you receive your W-2 at the end of each year.
If you file jointly, your combined incomes may move you into a higher tax bracket. You should check the amount of federal income tax withheld from your pay and calculate the tax burden both individually and jointly to determine which filing status is in your best interest. In most cases, it’s beneficial to file jointly.
Also, if individually you didn’t qualify for itemized deductions before you were married, that may have changed, allowing you and your spouse to save money by itemizing as opposed to the standard deduction on your tax return.
For more information about this topic, visit IRS.gov. IRS forms and publications are also available at IRS.gov and by calling 800-829-3676.