Wednesday, July 20, 2016

How a Summer Wedding Can Affect Your Taxes

With all the planning and preparation that goes into a wedding, taxes may not be high on your summer wedding checklist. However, you should be aware of the tax issues that come along with marriage. Here are some basic tips to help with your planning:

Name change. The names and Social Security numbers on your tax return must match your Social Security Administration records

Change tax withholding. A change in your marital status means you must give your employer a new Form W-4, Employee's Withholding Allowance Certificate.

Changes in circumstances. If you or your spouse purchased a Health Insurance Marketplace plan and receive advance payments of the premium tax credit in 2016, it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace when they happen.

Address change. Let the IRS know if your address changes. To do that, send the IRS Form 8822, Change of Address. You should also notify the U.S. Postal Service.

Tax filing status. If you’re married as of Dec. 31, that’s your marital status for the whole year for tax purposes.

Select the right tax form. Choosing the right income tax form can help save money.

Courtesy of IRS

For more information contact Neikirk, Mahoney and Smith at 502-896-2999

1 comment:

  1. Brilliant post!! Really happy to know about the taxes paid in summer wedding. Will get married in winter only as I love that season. Have planned to take vows at one of Los Angeles wedding venues. Just need to have best arrangements for the day.