Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics”, provides a list of basic tax related matters that every couple would be wise to address and take care of to make their financial and tax transition from single to married status go smoothly.
St Genevieve, MO, July 13, 2015:Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” posted a new article on the LANCE DRURY LAW website entitled “Saying “I Do” To Married Filing Jointly.” Acknowledging that couples can choose whether to file singly or jointly, Drury recommend selecting the one that “results in the lower tax liability.”
Drury writes, “Starting the journey of marriage on the right foot applies to the tax and financial considerations as well as all the other personal levels. So, whether it is you who are tying the knot, or someone you know, the following considerations can help to make the transition to married life much easier especially at tax time.”
Providing the specific forms required and where they can be accessed makes for practical use. Especially important are name and address changes for Social Security records. Regarding beneficiary forms, Drury says, “Update beneficiary forms for life insurance, retirement accounts, and other financial accounts as soon as possible. For some accounts, your current spouse is automatically the beneficiary, but you should still change your forms.” He continues adding, “You may have to make specific provisions for any children from a previous marriage.”
And something those entering into the institute of marriage may not be aware of, as Drury explains, “If you are married as of December 31, for tax purposes, the IRS considers that you were married for the whole year.”
The entire article can be found at http://www.lancedrurylaw.com/saying-i-do-to-married-filing-jointly/
About Lance Drury
Tax Attorney Lance Drury, founder of the Law Firm of Lance R. Drury, has been practicing law since 1984 and began representing individuals and businesses in disputes with the Internal Revenue Service in 2006. With offices located in Ste. Genevieve and Columbia, Missouri, Drury has positioned himself as a leading attorney in the state for IRS tax resolution issues. He is able to evaluate the unique situation of clients and provide them with honest answers and a specific plan to best resolve their tax problems
About The Lance Drury Law Firm
Since 2006, the Law Firm of Lance R. Drury has been representing individuals and businesses in disputes with the Internal Revenue Service and State of Missouri Tax Commission. With offices located in St. Louis, Ste. Genevieve and Columbia, Missouri, we’re proud to be your local choice for Missouri tax services.