Landlords-Rental-Property-Owners-Real-Estate-Owners-Tax-Tips-Newlyweds
Landlords, rental property owners and real estate owners ? If you?ve recently updated your status from single to married, you?re not alone ? late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are seven tips for newlyweds from the IRS.
1. Notify the Social Security Administration ? It?s important that your name and Social Security number match on your next tax return, so if you?ve taken on a new name, report the change to the Social Security Administration. File Form SS-5, Application for a Social Security Card. The form is available on SSA?s website.
2. Notify the IRS if you move ? IRS Form 8822, Change of Address, is the official way to update the IRS of your address change. Download Form 8822.
3. Notify the U.S. Postal Service ? To ensure your mail ? including mail from the IRS ? is forwarded to your new address, you?ll need to notify the U.S. Postal Service.
4.Notify your employer ? Report your name and/or address change to your employer(s) to make sure you receive your Form W-2, Wage and Tax Statement, after the end of the year.
5.Check your withholding ? If you both work, keep in mind that you and your spouse?s combined income may move you into a higher tax bracket. You can use Publication 505, Tax Withholding and Estimated Tax, to help determine the correct amount of withholding for your marital status, and it will also help you complete a new Form W-4, Employee?s Withholding Allowance Certificate. Fill out and print Form W-4 online and give it to your employer(s) so the correct amount will be withheld from your pay.
6.Select the right tax form ? Choose your individual income tax form wisely because it can help save you money. Newlywed taxpayers may find that they now have enough deductions to itemize on their tax returns rather than taking the standard deduction. Itemized deductions must be claimed on a Form 1040, not a 1040A or 1040EZ.
7. Choose the best filing status ? A person?s marital status on Dec. 31 determines whether the person is considered married for that year for tax purposes. Tax law generally 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 filing jointly is usually more beneficial.
Bottom line landlords, rental property owners and real estate owners: planning for your wedding may be over, but don?t forget about planning for the tax-related changes that marriage brings. More information about changing your name, address and income tax withholding is available on IRS?s official site.
Source: IRS.gov
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords, Rental Property Owners and Real Estate Owners -7 Tax Tips To Use When Recently Married is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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