Wedding season is here and tax planning should be on your list of "to-do's" when saying "I do"! Keep these in mind to help fend off any tax-marriage related issues:
1. Change of name- If you take your spouse's name, be sure to report it to the Social Security Administration by completing form SS-5. Your tax return must match your SS records.
2. Change tax withholding- When you get married, you should consider a change of income tax withholding. To do that, give your employer a new Form W-4 and NC-4 (or other applicable State forms).
3. Changes in circumstances- If you receive advance payments of premium tax credit you should report a "change in circumstance", such as your marriage, to the Health Insurance Marketplace.
4. Change of address- Let the IRS know you moved. To do that, file Form 8822, Change of Address, with the IRS. You should also notify the U.S. Postal Service via your local post office or online.
5. Change in filing status- If you are married as of December 31, that is your marital status for the entire year for tax purposes. You and your spouse can choose to file your federal tax return jointly or separately each year.
Planning ahead is the best way to avoid any unnecessary issues, just like planning your wedding. After all, no one likes unwanted surprises on your wedding day OR on April 15th!
