Getting married this summer? You may have some tax planning to do!

Melissa Clary News 0 Comments

We know tax planning isn’t high on your wedding to-do list, but here are a couple things to look out for if you’re tying the knot this season:marriage tax planning

  • Name changes – make sure to report any changes to your name or SSN to the Social Security Administration (SSA). To do that, fill out a new Application for a Social Security Card (form SS-5) on the SSA website.
  • Changes in withholding – a change in marital status means you must update your W-4 for your employer. Remember that if you and your spouse are both employed, your combined income may bump you up into a higher tax bracket. Give us a call or schedule a meeting with Melissa if this is something you are concerned about.
  • Change in Filing Status – If you get married before 1/1/15, you are considered married for the entire year. Your filing status can be “Married filing jointly” or “Married Filing Separate”. If you are interested in finding out which is the best option for you and your spouse, contact us to set up a planning meeting.
  • Address change – Every time you move, regardless of the reason, we recommend you file form 8822 to let the IRS know of any address change. Your most recent address will be the one that appears on your tax return.
  • Changes in circumstances – Getting married may change the number and type of tax credits you qualify for every year. Other changes in circumstances such as family size or income can also have an impact on your health insurance coverage. Make sure you notify your Health Insurance Marketplace of any changes in circumstances so you continue to receive affordable coverage.
For more information, visit IRS.gov

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