It's Wedding Season…A few tax items to check off after the Honeymoon

 

It's wedding season and if you know someone who will be tying the knot this summer, be sure to remind them of these important tax planning steps as they start their new lives together.

• Change of Name – If you decide to change your name, be sure to report it to the Social Security Administration by filing Form SS-5, Application for a Social Security Card found at SSA.gov. This is important as all names and social security numbers need to match Social Security records when you are filing your tax return for 2015. 
• Change your Tax Withholding – The withholding rate for married couples is lower than those who are single and many married people find that they do not have enough withheld at the end of the year at the married rate. You can change your withholding by giving your employer a new Form W-4, Employees Withholding Allowance certificate and you can use the IRS Withholding Calculator tool at IRS.gov to help.
• Change in Circumstances – If you are buying insurance through the Health Insurance Marketplace, be sure to report a change in circumstances, such as your marriage to avoid getting a smaller refund or owning money at the end of the year.
• Change in Address – Let the IRS know you moved by filing Form 8822, Change of Address, with the IRS and you should also notify the U.S. Postal Service. This can be done on-line at USPS.com or at your local post office.
• Change in your Filing Status – If you are married as of December 31, that is your marital status for the entire tax year purposes. You and your spouse can choose to file jointly or separately depending on your circumstances.  Feel free to reach out to one of our KOS tax professionals to determine which status would result in the least amount of tax.