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8 New Things Newlyweds Need to Know About Their Taxes

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New marriages often bring name changes and address changes -- but they're certain to bring big changes to your taxes, too. Newlyweds should start out their lives together by talking about money, but instead, many couples avoid the subject and end up fighting about it.

One area of stress you don't need while you're fresh from paying for the wedding? Tax problems. And even Uncle Sam knows it. With a big hat tip to the folks at IRS.gov, here are eight tax tips for newlyweds:



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How to Write Off Sales Taxes

For the years 2005 through 2013, the Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables.

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scottee

what if congress scrapped the 73,000 pages of tax code
and everyone just paid a small national sales tax with no deductions for anyone for anything?
they would probably collect more, everyone would pay some, the rich would pay more, we could close down the IRS, congress would have a lot less power, and April 15 would just be another spring day.

March 27 2014 at 10:04 AM Report abuse -1 rate up rate down Reply