Marriage Tax Tips

We’re excited to announce that Caitlin is getting married!  She will be away from November 6th to December 1st for her wedding and honeymoon. If you need her during this time, call the office and someone will be able to assist you.

This is a good opportunity to review some of the changes that occur when you get married:

• Name Change:  If someone is changing their last name, it must be reported to the Social Security Administration. The name on a person’s tax return must match what is on file with the SSA. To apply for a new Social Security Card please visit https://www.ssa.gov/personal-record/change-name.

o   This won’t be the only place you’ll need to update your new name.  Financial institutions, medical/insurance companies, and your state’s department of transportation are just a few of the places where your name needs to be updated. It helps to make a list to keep track of where your new name is on file and where you still need to switch it.

• Change of address: If there is a change of address, both the IRS and USPS will need to know your new address.  We also need to be notified of any change of address. While we can help handle the change of address through the IRS, you can notify the postal service at https://www.usps.com/.  You can refer to your list of companies where you changed your name to also update your address.

• Income changes: A combined income means that couples should re-evaluate their withholding.  Talk with one of our accountants to see if your withholding status should change.

• Filing changes: Married people can choose to file jointly or separately each year.  To figure out which is the best option for you, schedule a consultation with one of our accountants.

If you’ve recently gotten married or are planning to get married, we can help you navigate through your new tax situation.  At Hark & Associates, PC, we provide high quality service with the highest ethical standards in the business of CPA firms. Let us know how we can help you today.