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Instructions for the Newly married

Instruction No. 1: Adjust Your Withholding

Once you tied the knot, it is important that you file your tax returns as a joint entity. You need to adjust the tax withholding from your paychecks. You need to determine the number of allowances you will get, it is your personal decision that how do you divide those allowances amongst yourselves. You should keep in mind that each allowance is worth more to the higher-earner in terms of reduced withholding and increased take-home pay. Working husband and wife should be more concerned about the under-withholding rather than about over-withholding.

The purpose of matching your withholding with the amount you’ll actually owe for the year, so you get neither a big tax refund nor a nasty tax surprise when you file your return.

Instruction No. 2: Coordinate Fringe Benefits

Make a list of all the fringe benefits each of you are getting for your workplace. If one of you is getting medical allowance for spouse, use that tax-favored advantage and trade your coverage for another benefit.

Instruction No. 3: Inform about Your Name Change to Social Security Administration

If you changed your name after getting married, it is important that you inform the social security administration about it. The Social Security Administration will inform about the name change to IRS. If the name on your tax return does not match the name the Social Security Administration has on file for your Social Security Number, any tax refund will be delayed until the discrepancy is resolved. If you did not change your name with the Social Security Administration before the filing deadline, you can file a joint return with your spouse using your old name.


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By |2016-06-25T01:23:43+00:00June 25th, 2016|Blog|0 Comments

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