Whether you’re attending weddings or having one of your own, wedding season is upon us! With love in the air, it’s a great time to refresh the tax changes that happen once you get married. This is often the last thing that is thought of, but one of the most important when it comes to tax time in the spring.
Report Any Name Change
If you’re changing your last name, the first thing you’ll want to do is head to the Social Security Administration either online or your local office.
You’ll need to have your birth certificate, current social security card, and marriage paperwork handy.
Note: When you receive your marriage license, your local court clerk’s office should provide instructions on how to start the name change process.
Update Your Name (and Address if needed)
Once you receive your new social security card, you can now legally change your name in necessary places. Be sure to notify your:
- Subscriptions
- Bank(s)
- Car note, insurance, bank loan
- Drivers license
- Certifications and licenses
- Tax forms
- Find additional change options here
Check Withholding
After your marital status changes from single, the next step will be to fill out a new Form W-4, Employee’s Withholding Certificate, ideally within 10 days. If both you and your spouse work, this could bump you into a higher tax bracket. Another possibility is that it could be affected by the additional Medicare tax. It’s important to adjust these now to avoid surprises at tax time.
Renewing Filings Carefully at Tax Time
When tax season rolls around, you now have the option to file jointly, or separately.
There are pros and cons to both ways to file. It’s important to decipher which option is going to be best for you and your spouse. This is one of the most important aspects when getting married as it will greatly affect your taxes. It’s best to do some research to decide what will work best for your situation.
Take it One Step at a Time
Marriage brings a lot of exciting changes, and your tax situation is just one part of the puzzle. Take your time, stay organized, and check off each task as you go. Most importantly, enjoy this new chapter together!
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