Spring wedding season is here! With those pastel dresses and Spring flower bouquets come TAX IMPLICATIONS! Here are some tips to help with your tax planning as you wedding plan.
- Don’t forget that the name and social security number you put on your tax return must match what the Social Security Administration has on file for you, so be sure to change your name with the Social Security Administration (via Form SS-5 Application for a Social Security Card) once you say “I do!”
- Consider donating leftover cake, flowers, and even your dress to non-profit organizations and keep your receipts- you may have a tax write-off
- Have your tax professional review your new tax status as “married” – does your combined income move you into a higher tax bracket? Should you adjust your W-4 withholdings?
- Be sure you notify the IRS and LDR of any address change
- Keep in mind that if you are getting married in a church, historical landmark, or other non-profit location, any fees paid or donations made may be tax deductible
- Note that your tax filing status is based on your marital status as of December 31, so if you were married within the year, your options are married filing joint or married filing separate (prepare the return both ways to find the option that works best for you)