June, July, August... you know what that means... it's wedding season!
The IRS released a helpful list of changes you will want to think about once married. Taking these steps today can make tax time next year much easier. Here are a few financial planning items to be thinking about as you get married:
1. Name Change: All names and Social Security numbers on your tax return must match the Social Security Administration record. To update your name, file Form SS-5.
2. Tax Withholding Updates: Consider updating your income tax withholding as the married rate is lower. Oftentimes, married coupled where both spouses are working find they are not withholding enough. The IRS Withholding Calculator can help you with the details.
3. Address Change: Update your address with the IRS and the postal services. File Form 8822,
4. Filing Status Change: If you are married as of December 31, that is your marital status for the entire tax year. You are able to choose a joint or separate return each year.
[embed]https://www.youtube.com/watch?v=POEMoLMlcts[/embed]
Hope the IRS video gave you a chuckle!