Got Married
Free Tax Advice For Last Year’s Newlyweds
Did he get down on one knee in a crowded restaurant full of onlooking strangers? Did he take you to the spot of your first date and ask you to spend the rest of your life with him? Or maybe you attended a sporting event together and you noticed that the jumbotron said, “(insert your name here), will you marry me? I Love You, (insert his name here).” No matter how he proposed, if you got married in 2020, even if it was December 31st, you can file as “Married Filing Jointly” if you choose to. Here are a few more tips from the accountants at The Anderson & Culpepper Group in Lebanon, Tennessee to help you with filing your 2020 taxes which are now due by May 17th, 2021.
Not to be presumptuous, but did you take your husband’s last name? If you did, you have a nice long line to wait in. Whether you choose to go to the Social Security Office in person or call them (and believe me, that will be a long wait as well, one with horrible on-hold music), you need to get a new card issued to you with your new name, the one that will officially be used when you file your taxes.
Form 8822 - Did you and your spouse purchase a home together? Or maybe one of you moved into the other’s place? Either way, you don’t want to confuse the IRS database with an address they don’t have on file for you, so please fill out and turn in a Form 8822 to let them know your new physical address. Note: This can be done anytime; no need to wait until tax season. And as a side note, if you have a child or children who work and file taxes (even if it is the EZ Form), please fill out the Form 8822 for them as well if they moved with you.
Did you register at a store and let your friends and loved ones know where they can buy a gift? Well, while I’m sure you didn’t let the Human Resources Department know what gifts you’d like, you will still want to share your happy news with them so they can send you the gift of a W-2 with your new name on it (if you changed your name). Trust The Anderson & Culpepper Group when they say your life will be easier if your W-2 has the new name you are going by printed on it.
Deductions! Woohoo! Yes, combining your income with your spouse’s may put you in a higher tax bracket, but think about the deductions. Together you may have enough to itemize rather than take the standard deduction. We’re talking more money in your pocket...or owing less; however you want to look at it. Generally, “married filing jointly” couples do better on their taxes (owe less or get back more), but The Anderson & Culpepper Group can prepare your taxes both ways (“married filing separately” is the other way) to see which situation is more beneficial to you.
Well there you have it, a little free advice to the newlyweds from the tax experts at The Anderson & Culpepper Group in Lebanon, Tennessee. Consider it your wedding gift. If you would like to use our personalized services to see what other deductions could help you out as a newly married couple, please contact us to set up an appointment. Happy filing everyone!