Tim’s Tax News on the Tenth – July 2024

Recently the IRS announced a Tax Checklist for newlyweds. This was prompted by the IRS recognizing that summer wedding season has arrived. Accordingly, the IRS wanted to expound some guidance to the newlyweds to make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know.

Report a Name Change

Report any name changes to the Social Security Administration. The name on a person's tax return must match what’s on file at the SSA. If it does not, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It’s available on SSA.gov, by phone at 800-772-1213, or at a local SSA office.

Update Address

Notify the United States Postal Service, employers, and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must complete and submit Form 8822, Change of Address. See page 2 of the form for detailed instructions.

Check Withholding

Newly married couples must give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. If both spouses work, they may move into a higher tax bracket or be affected by the additional Medicare tax. They can use the Tax Withholding Estimator on IRS.gov to check their withholding and for help completing a new Form W-4.

Review Filing Status

Married people can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it's best to figure out the tax both ways to find out which makes the most sense. Taxpayers should remember that if a couple is married as of December 31, the law says they're married for the whole year for tax purposes.

Beware of Scams

All taxpayers should be aware of and avoid tax scams. The IRS will never contact a taxpayer using email, phone calls, social media, or text messages. The first contact generally comes in the mail. To find out if they owe money to the IRS, taxpayers can view their tax account.

If you would like more details, please do not hesitate to call our office. Our office has been successful in helping taxpayers with IRS and IDOR collection problems for over 30 years. If you have a tax or debt problem, please contact me at 847-705-9698 or thughes@lavellelaw.com and find out how we can help you.

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