Happily Ever After?
They said "I do" and danced the night away, but as the new day dawns on their wedded bliss, the happy couple should consider a few tax consequences:
New names: if either spouse is changing names, he or she will need to report it to the Social Security Administration on Form SS-5, Application for a Social Security Card.
New tax bracket: Combined lives may mean a new tax bracket. Each spouse that works for wages should report their newly wedded status to his or her employer on a new Form W-4, Employee's Withholding Allowance Certificate.
New address: If either of the newlyweds is moving, they'll want to let the IRS know with Form 8822, Chage of Address
New tax status: If the couple is married as of December 31, that's their marital status for the whole year for tax purposes - and that means they need to decide whether to file jointly or separately.
Just a few things to keep in mind to ensure that the newlyweds live happily ever after.
Guest blogger Amy Sigurdson contributed this article. Amy is a Tax Associate at Gilmore Jasion Mahler, LTD. Learn more about GJM's expertise in Tax, or sign up for our tax newsletter Focus which offers articles geared toward tax savings for both individuals and businesses.
