Jerome Multi-Services
  • Home
  • About Us
  • Taxes
  • Notary
  • Payment Options
  • Contact Us

Summer Weddings Mean Tax Changes

7/7/2014

0 Comments

 
Issue Number:    IRS Summertime Tax Tip 2014-02 
Summer Weddings Mean Tax Changes

Taxes may not be high on your summer wedding plan checklist. But you should be aware of the tax issues that come along with marriage. Here are some basic tips that can help keep those issues to a minimum:

Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov, by calling 800-772-1213 or from your local SSA office.

Change tax withholding.  A change in your marital status means you must give your employer a new Form W-4, Employee's Withholding Allowance Certificate. If you and your spouse both work, your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4. See Publication 505, Tax Withholding and Estimated Tax, for more information.

Changes in circumstances.  If you receive advance payment of thepremium tax credit in 2014, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace. You should also notify the Marketplace when you move out of the area covered by your current Marketplace plan. Advance payments of the premium tax credit provide financial assistance to help you pay for the insurance you buy through the Health Insurance Marketplace. Reporting changes will help you get the proper type and amount of financial assistance so you can avoid getting too much or too little in advance.

Address change.  Let the IRS know if your address changes. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service. You can ask them online at USPS.com to forward your mail. You may also report the change at your local post office.

Change in filing status.  If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes. You and your spouse can choose to file your federal income tax return either jointly or separately each year. You may want to figure the tax both ways to find out which status results in the lowest tax.

Note for same-sex married couples: If you are legally married in a state or country that recognizes same-sex marriage, you generally must file as married on your federal tax return. This is true even if you and your spouse later live in a state or country that does not recognize same-sex marriage. See irs.gov for more information on this topic.

For more information, visit IRS.gov. You can also get IRS forms and publications on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

IRS YouTube Videos:

  • Getting Married? – English
  • Premium Tax Credit – English | Spanish | ASL
  • Changed Your Name After Marriage or Divorce? – English | Spanish |ASL
  • IRS Withholding Calculator – English | Spanish | ASL
  • Tax Information About Same-Sex Marriage – English | ASL
IRS Podcasts:

  • Premium Tax Credit – English | Spanish
  • Changed Your Name after Marriage or Divorce? – English | Spanish
  • IRS Withholding Calculator – English | Spanish
  • Tax Information About Same-Sex Marriage – English | Spanish
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    March 2016
    February 2016
    January 2016
    August 2015
    June 2015
    May 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Taxes

    RSS Feed

    View my profile on LinkedIn
    Visit Jerome Multi-Services's profile on Pinterest.
    Just A Minute, LLC
DMCA.com Protection Status
Proudly powered by Weebly
CopyrightBar.comCopyRightBar.comCopyright Jerome Multi-Services - 2013 - . All rights reserved.