Tax Tips For Newlyweds
By Amy E. Feldman
PHILADELPHIA (CBS) - If you got married this wedding season, there are a couple of really obvious things that a lot of newlyweds overlook when it comes to filing taxes.
First, if you have a new address, notify the post office so your mail can be forwarded because each year, over $150 million worth of refunds are returned to the IRS because they're undeliverable.
Second, if you changed your name, don't forget to let the social security administration know or your taxes won't get processed properly.
Newly married taxpayers may find that their combined income puts them into a higher tax bracket. So don't wait until you're ready to file to figure that out. Instead, check with an accountant or turbo tax to calculate if you should be withholding more now to avoid a big hit when you file.
Not to pry you out of your newlywed idealism but, like death, you can't avoid taxes so it's best to start planning now.
