Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA
Newly Wed, Newly Married Tax Tips
all the challenges that a newly married couple face, tax
issues are not usually thought of. But it's a good idea
for the soon-to-be married and just married to review
their changing tax status.
should think about your change of name and change of address.
You also need to think about choosing your filling status.
A persons marital status on December 31 determines
whether the person is considered married for that year.
Tax laws allow married couples to choose to file their
federal income tax return either jointly or separately
in any given year. Choosing the right filing status can
help save money.
A joint return (Married Filing Jointly) allows
spouses to combine their income and to deduct combined
deductions and expenses on a single tax return. Both spouses
must sign the return and both are held responsible for
With separate returns (Married Filing Separately),
each spouse signs, files and is responsible for his or
her own tax return. Each is taxed on his or her own income,
and can take only his or her
individual deductions and credits. If one spouse itemizes
deductions, the other must also.
Figuring the tax both ways can determine which filing
status will result in the lowest tax usually, its
married taxpayers may find that they now have enough deductions
to itemize on their tax returns. Deductions for money
paid for medical care, mortgage interest, contributions,
casualty losses and certain miscellaneous costs can reduce
federal taxes. Form 1040, which is used to report all
types of income, deductions and credits, is the one to
use if itemizing. Forms 1040EZ and 1040A do not allow
a taxpayer changes his or her last name upon marrying
they should contact the Social Security Administration
and update their Social Security card so the number matches
the new name.
your confused on what course is the right way for you,
please feel free to contact me.