For many, walking down the aisle may be one of the happiest moments of your life. Unfortunately, if you’re not prepared, the to-do list you’ll be faced with after the honeymoon isn’t quite as blissful.
Oftentimes, in the excitement of choosing wedding venues, writing vows and tasting cake, lovebirds end up forgetting about the legal aspects and tax considerations associated with matrimony. This simple post-honeymoon to-do list will help you easily knock out the obligatory responsibilities all newlyweds are faced with to ensure that your life together starts out on the right foot.
Love, Marriage & Name Changes
- Name Change – You don’t have to invite the Social Security Administration (SSA) to your wedding, but you do have to notify them of your name change. Failure to report your new name with the SSA can result in your tax refund being delayed. To update your information, visit SSA.gov file Form SS-5 (Application for a Social Security Card), call 800.772.1213 or visit your nearest SSA office.
- Change of Address – Planning to move into a starter home after the honeymoon? Don’t forget to let the U.S. Postal Service and the IRS know about your plans. If you neglect to share this information with either one of these offices, you could risk important mail being delayed or lost. Notify the postal service of the change at USPS.com or visit your local post office. You can notify the IRS of an address change by sending in the Form 8822.
- Altering Your Withholding – Newlyweds must update the Employee’s Withholding Allowance Certification on a new Form W-4 within 10 days of tying the knot. Be aware that if you and your spouse are working, you may be moved into a higher tax bracket. Use the IRS Withholding Calculator to help you properly fill out the Form W-4.
- Select New Filing Status – Every year, married couples will be given the option to file their federal income taxes either together or separately. While filing together is usually your best option, it’s recommended that you figure out the tax owed with both options to determine which option is right for you.
- Choose The Correct Tax Forms – Deciding on the right income tax form could potentially save you money. For example, now that you’re married, itemized deductions may work in your favor. To claim itemized deductions, pick up and complete Form 1040.
Additional tax insight can be found in our article library. You can also check out the articles below for some more tax tips.
By Trista Acker (Dublin office)