Financial tips for recently married couples

Avoiding stress at tax time is hard enough and why many people rely on the advice of a CPA or tax preparer to take on the task of filing out all the right forms and maximizing deductions.  A CPA can provide financial peace of mind and with the stress of the wedding over, who wants to handle combining two sets of tax returns and financial records.

If you have recently married or plan to get married by the end of the year, there are some simple steps you can take to make your life easier and come tax time, less stressful.  Oh by the way, chances are your income tax bracket will increase because of joint income so you or a CPA should run the numbers to see if it makes sense filing "married filing separately" your first year.  In some cases it does.

The IRS is out with summertime tips # 4 and it's all about tips for married taxpayers.  Follow the link below but to summarize...

Tax Tips for Recently Married Taxpayers

1) update your social security number with any name change.  If you normally get a refund and don't do this, your refund will most likely be delayed.

2) notify the IRS of any address change by filing form 8822

3) notify the US Postal Service so all your tax forms (and LL Bean catalog) will be forwarded in a timely manner

4) notify your employer of any name and address change to ensure a proper W2 is received

5) check to make sure your withholding is correct to avoid penalties or tax due at the end of the year

Check out this handy Withholding Calculator.

Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Thoma Capital Management or Taylor & Company in Towson, MD.  He is a member of NAPFA and the MACPA and AICPA.