Wedding Season and Taxes
We are approaching wedding season, and a wedding means
changes in your tax situation. So after
the honeymoon, you should take some time to think about what your recent
wedding means for your taxes.
Filing Status
Whether you are planning a spring, summer, fall or winter
wedding, if you are married on December 31, the IRS considers you married for
the whole year! That limits your filing
choices to either married filing jointly or married filing separately. Married couples who file separately lose out
on many tax breaks. Most of our clients
have a lower tax bill if they file jointly.
Changing your Name?
If you plan to change your name after marriage, make sure
Social Security knows about it! Avoid
problems when you file your tax return with your new name. Complete and file Form SS-5 – Application for
a Social Security Card with your new name.
Get the form from your local Social Security Office or go to
https://www.ssa.gov to download it online.
Withholding Tax and
Your Paycheck
Your new Filing Status means different withholding
rates. Consider contacting your CPA and
asking for a tax projection. Be ready to
provide copies of your latest pay stub, as well as your new spouse’s
paystub. You may also need to provide
copies of prior year tax returns if your current CPA did not prepare that
return. Let your CPA know if you bought
a house, had a child or anything else that may impact your taxes. Your CPA can estimate the changes in your tax
bill and help you adjust the taxes withheld from your paychecks. This can help avoid a huge unexpected tax
bill in April!
Health Insurance
Weddings mean reevaluating your health insurance
coverage. Getting married is a life
event that may afford you the opportunity to make changes to your health
coverage without having to wait for the open enrollment period. If either of you have health insurance
through the Health Insurance Marketplace, you must log in to your account and
Report Changes in Circumstances as soon as possible. If both of you have plans through your
employers, compare plan costs to see which will offer you the best coverage at
the best price.By: Honorine M. Campisi, CPA
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