Have you recently gotten married or going to marry in a couple of months? Marriage is one of the life’s major milestone and its changes everything. From saving and investment to tax filing status and how much tax you pay, it changes almost everything. It’s a new adventure, so we bring some tax tips for newlyweds which can help to make a good planning of their future. If you are married and looking for taxes online Brentwood, here are top 4 tax tips to file your taxes easily.
Use the right filing status
As a married person, you will have to decide whether to file separately or jointly. Married filing jointly means you will have to file one tax return for both spouses. It’s almost always better off filing jointly because it’s easier and you’ll probably pay less tax too. Moreover, you only have to pay one tax, and you don’t have to decide who takes each deduction.
Opposite to it, filing separately means each spouse will file their own return. It’s good when there is a big difference in their individual incomes, that’s why some couple prefers joint separately because they like to keep their fiancés separate. In a few cases, you may pay less tax by filing separately due to state tax laws.
When you file taxes online Brentwood with Taxcare, we’ll help you decide which filing status is best for you.
Update Name and Address
You want to make sure that your names and social security numbers and other tax forms should be updated and come to the right place. Your tax return form should match your social security administration records. In case you have changed your name, report the change to the SSA. You need to file Form SS-5, application for a social security card. You can get this form on SSA.gov website or simply visiting your local SSA office.
Similarly, if you address has change, file Form 8822, change of address to notify the IRS. In this case, you should also notify the U.S postal service. You can report the change at your local post office or can ask have your mail forwarded online at USPS.com.
Avoid having too much or too little withheld
One of the most important things you should do after you get married is file a new Form W-4 with your employer. There are too many factors that can affect your tax liability, so it’s not a good idea to guess when you’re filling out your FormW-4.
You may need to have too much or too little income tax withheld; it’s not likely to stay the same. It’s important to make sure you’re having the right amount of tax withheld from your pay. You can use the IRS withholding calculator to estimate just how many allowances to claim on your W-4.
Estimate your taxes
Your tax will not surprise you if you estimate them ahead of time. As a married couple, you think more about future and how to manage all your finances. By running some basic information about your finances through an estimator, you will get an idea about the amount you’re expected to pay in taxes or how much you’ll get back as the refund. If you are also going to pay taxes online Brentwood this year as a married couple, it’s worth extra time to be prepared. You can consult some local tax services such as Taxcare who can help you to estimate your taxes and file them effortlessly.