Advice to the Newly Wed

There are a few things you should know as you embark on your married life, but all we can talk about is your tax situation. Did you know that a few simple steps could help you save money - and even prevent problems with missing a refund check? Here's how:

Use the correct name. If you change your name when you marry, notify the Social Security Administration and make sure your Social Security number and new name match. Taxpayers must provide correct names and identification numbers to claim personal exemptions or the Earned Income Tax Credit on their tax returns.

Report any change of address to the IRS to be sure you receive tax refund checks and IRS correspondence. Thousands of refund checks are returned by the U.S. Postal Service to the IRS each year as undeliverable, usually because the taxpayer has moved. Don't let this happen to you. Select the right income tax form. You may find that marriage has created enough deductions - such as money paid for mortgage interest - to itemize on your tax return. Deductions can reduce federal taxes. Use Form 1040 if itemizing.

Choose the best filing status. Your marital status on December 31 determines whether you are considered married for that year. The tax law allows married couples to choose to file their federal income tax return either jointly or separately in any given year. Figure your taxes both ways to determine which filing status saves you the most money.

See news release IR-02-74 for more information. And congratulations on your new joint filing status!

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