Clients preparing for
summer nuptials should make sure to do some tax planning. A few steps taken now
can make tax time easier next year. All names and Social Security numbers on
the tax return must match their Social Security Administration records. If the
wife or husband changes their name, they should report it to the SSA by filing
Form SS-5, Application for a Social Security Card. When taxpayers get married,
they should consider a change of income tax withholding. To do that, they
should give their employer a new Form W-4, Employee's Withholding Allowance
Certificate. The withholding rate for married people is lower than for those
who are single. Taxpayers should also let the IRS know if they move. To do
that, file Form 8822, Change of Address, with the IRS. If they are married as
of Dec. 31, that is their marital status for the entire year for tax purposes.
Since spouses can choose to file their federal tax return jointly or separately
each year, it’s a good idea to figure the tax both ways so they can choose the
status that results in the least amount of tax.
