Although taxes may be the furthest thing from your mind right now, it’s good to know how certain things you do this summer may affect your taxes – and possibly result in a break on your tax bill this year. Here are a couple of tips for those who are newlyweds.
Let the Social Security Administration (SSA) know if you change your name. Your tax refund may be delayed if the names on your federal tax return do not match the names on file with the SSA.
Review your tax withholding if you get married this summer (or any time this year). Getting married can change your tax situation and result in too much or too little federal income tax being withheld from your paycheck. The withholding calculator on the IRS’s website (irs.gov/W4App) can help you determine whether you need to have your withholding adjusted.
If you would like to schedule a strategy session and discuss your specific situation call Davis & Hodgdon at 802.878.1963 (Williston) or 802.775.7132 (Rutland).
*Copper Leaf Financial is an affiliated and separately registered entity.