Wedding Bell Blues!
And yes, the Wedding Bell Blues is more than a song by the 5th Dimension! The wedding bell blues in this case, is a reminder of the “not so fun” things that have to be taken care of because you are tying the knot. Namely, tax consequences and what that means to you both.If you’re older and been filing a single, filing a joint tax return can be like speaking in a foreign language. So there are several things that you should do before leaving on your honeymoon:
1. Check into whether an adjustment on your withholding tax is needed or not.
2. Let Social Security know if you have a name change. This is very important and could cause a delay in your tax return refund.
3. Update emergency contact information at your place of business and on any other important or emergency cards that you may have.
4. Decide whether or not you are going to file as singles or a joint account. A joint return, be aware, could push you both into another tax bracket. And, it may mean that couple will forfeit student loan interest and other tax benefits. Also, you can check if you quality for the marriage tax. But there are many stipulations here so go to an accountant and find the ins and outs.
5. Review your retirement plans as a married couple.
6. Change your credit card addresses and name (if it’s being changed) and your license.
Speaking of a license, don’t forget your marriage license! Don’t laugh! It’s happened twice that I know of!
Next thing you have to do? Go to my website and save time. Get your wedding favors and gifts for your wedding party as well as invitations at up to 50% less than any retail store! And if you have a question for me, just write me there or leave a comment here and I’ll get right back to you!
Much happiness coming your way!
Bella
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