Getting married soon? Check out these tax tips for newlyweds.
- October 11, 2016
- David Greene
- Comments Off on Getting married soon? Check out these tax tips for newlyweds.
Here are some tips to keep in mind if you are planning on getting married. (1) if one spouse takes the other’s name, the one with the name change must report the change to the Social Security Administration on Form SS-5, which is available at www.ssa.gov; (2) your new marital status needs to be reported to your employers on Form W-4, which your employer will have; (3) you need to plan for the possibility that you will now be in a higher tax bracket as a married couple; (4) if either spouse had a Health Insurance Marketplace plan, the change in status needs to be reported to the carrier; (5) after marriage, you can choose between two filing statuses: married filing jointly or married filing separately – most of the time jointly yields the best tax savings; (6) finally, it might be worthwhile to itemize deductions now as a married couple.