Marriage and Taxes

Posted on July 1, 2022

Marriage and Taxes

Marriage can change many things in your life, including your taxes. If you recently were married, it is essential that you review your tax filing information and the tax credits that are only available to married couples, as well as update your tax information.

After marriage, it is important to check that your Social Security number matches your Social Security Administration (SSA) records. In case of a name change, you can report it to the SSA using Form SS-5, Application for a Social Security Card. The form can be obtained from the SSA website ssa.gov. In case of an address change, you can file IRS Form 8822, Change of Address.

It is especially important to also report any name and address changes, as well as changes to filing details to your employer if you have your taxes withheld. In case of a joint filing, the combined income of both the partners may change the tax bracket.

Those filing jointly may benefit from many tax credits available to married couples. Couples may choose to file jointly or separately in any given tax year. Though filing jointly may bring more benefits in most cases, in some cases filing separately can also be beneficial. Newly married couple are encouraged to consult with a tax professional to ensure their filings are accurate.

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