Some things to help you prepare for the coming tax season:
Check your withholding If both you and your spouse work, your combined income may place you in a higher tax bracket. Make sure you choose the right withholding. It should be the closest to the taxes you’ll be expected to pay based on your income.
Select the right tax form Choosing the right income tax form can help save money. Newly married taxpayers may find that they now have enough deductions to itemize on their tax returns. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.
Choose the best filing status A person’s marital status on Dec. 31 determines whether the person is considered married for that year. Generally, the tax law allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figuring the tax both ways can determine which filing status will result in the lowest tax, but usually filing jointly is more beneficial.
Stop by a Liberty Tax Service office near you Select your preferred tax preparer early to avoid the busy office noise during the tax season. Your personal tax expert can also give you more information about tax benefits for married couples. If you find yourself interested in taxes, you can always learn more about them through Tax School. Who knows? This could be your year of big changes where you find yourself starting your career as well!
Notify the IRS If you have a new address you should notify the IRS by sending Form 8822, Change of Address.
Personal help with the changes in tax benefits and filing tax forms is available from a tax professional in a Liberty Tax Service office in your area. Find an office near you.