If you got married in 2021, here are some tax issues you should be aware of:
- Make sure everyone knows your new name, especially Social Security Administration. The IRS matches what’s on your 1040 with the SSA each year and if they don’t match, it could delay your refund.
- Deal with dual withholding. It is time to review your W-4 information and make the necessary changes.
- Reassess workplace benefits regarding healthcare, flexible spending accounts, etc.
- Will you face a marriage penalty or bonus?
- Understand that your taxes are linked. For most married couples, it is better to file married joint than married filing separately.
- Don’t’ forget to make changes with your State as well.
If you are unsure of how your taxes will be affected by marriage, please contact our office so we can review your situation and prevent any tax surprises in April 2021.