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Tax Tip of the Week
For the week of
September 30, 2002

What do taxes have to do with marriage?

We associate marriage with love, roses, and wedding cake. But don't wait too long after the wedding to spend a little time on tax matters. Here's a checklist of things to consider:

  • If you've taken your spouse's last name or hyphenated your last name, you need to notify the Social Security Administration. The agency will link your new name to your social security number and issue a new social security card.
  • If you move to a new home, send a change of address to the IRS, the financial institutions where you've had accounts this year, and current year employers. Then your W-2s, year-end tax forms, and IRS notices will find their way to you.
  • Your marital status for tax filing is determined by your status on the last day of the year. Calculate the impact of the marriage penalty to see whether you need to change your income tax withholding. File a new Form W-4 with your employer's payroll department to notify them of your name change and any withholding change.
  • Update your will and other estate planning documents. Don't forget to review the beneficiaries on your IRAs, 401(k) plan, and life insurance policies. You'll want to make sure your new spouse is provided for and taxes are minimized in the event of your disability or death.

Many of these suggestions don't apply just to marriage. Divorce or the birth of a child are similar major life events that will affect your taxes. Contact us for help with your tax planning needs.

Prior Tax TipsClick here to view previous tax tips.

"Tax Tips" are published weekly to provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders, and current tax information.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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