Tax Tips If You’re Tying The Knot

Tax tips if you’re tying the knot

Summer is not the only season of the year sandwiched between Spring and Fall – wedding season squeezes in as well. The IRS has some helpful tips for those Love Birds planning their nuptials. I shared these with two soon-to-be “ex-Singles” in our office and thought we all probably know one or two people preparing themselves to lift the veil, break the glass or jump the broom. So here they are; sensible, grown-up pieces of advice to start their co-habitation off on a good foot:

Step 1: Check your payroll withholding. Good advice for ANYTIME personal circumstances change.
Step 2: Marriage may mean a name change. If either partner legally changes their name, remember to report it to the Social Security Administration to avoid name mismatches at tax reporting time.
Step 3: Don’t forget to change your mailing address. It’s no surprise: The IRS has a form for that too!
Step 4: Marriage is a change in circumstances that may affect taxpayers who receive advance payments of the premium tax credit. Also, although not a tax tip, remember that marriage is usually considered by benefit plans to be a “life event” that will allow you to make changes to your health plans, retirement plans, etc., and don’t forget to change your designated beneficiary on insurance plans if you care to.
Step 5: Newlyweds should consider their filing status. Tax law allows you to file at whatever your status is at the last day of the tax year, so make sure to determine what status is best for your circumstances.

You can read IRS Tax Tip 2019-68 in its entirety and get links to pertinent forms, publications and helpful tools at:
https://www.irs.gov/newsroom/taxpayers-should-include-tax-plans-in-their-wedding-plans

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