Wedding season is in full swing—and if you recently tied the knot, congratulations from all of us at CEC Financial Group!
Between writing thank-you notes, merging households, and planning your honeymoon (or recovering from it), taxes may not be top of mind. But taking a few simple steps now can make next year’s tax season a whole lot smoother.
Here’s a quick and easy tax checklist for newlyweds—because love may be eternal, but tax season comes around every year.
1. Update Your Name with the SSA
If you changed your name after getting married, make sure the Social Security Administration (SSA) has the update on file. The IRS cross-checks names and Social Security numbers on your tax return with SSA records. If they don’t match, it could delay your refund.
To make the change, file Form SS-5, available at SSA.gov, by calling 800-772-1213, or by visiting your local SSA office.
2. Let the IRS (and Others) Know About Your New Address
Moving into your first place together? Be sure to:
- Update your address with the U.S. Postal Service
- Let your employer know
- Notify the IRS by submitting Form 8822
This ensures you’ll receive any important mail (like your tax refund or notices) at the right location. The IRS form is easy to fill out, and instructions are on page 2.
3. Check Your Withholding
Now that you're married, the amount of tax withheld from your paychecks may need to change—especially if both of you work. Dual-income couples may find themselves in a higher tax bracket or affected by things like the additional Medicare tax.
Use the Tax Withholding Estimator at IRS.gov to run the numbers. Then, submit a new Form W-4 to your employer within 10 days of your marital status change.
4. Choose the Right Filing Status
Your marital status as of December 31 determines your filing status for the entire tax year. As a married couple, you now have two options:
- Married Filing Jointly
- Married Filing Separately
Filing jointly usually results in lower taxes and access to more credits and deductions—but not always. It’s a good idea to calculate both scenarios (or talk to your tax advisor!) to see which one works best for your situation.
5. Start Thinking About Tax Planning as a Team
Marriage is more than a legal union—it’s a financial partnership. This is a great time to:
- Review your beneficiaries
- Update or create wills and financial powers of attorney
- Combine or revisit your financial goals (home, travel, retirement, etc.)
Working with a CPA and financial planner (like our team at CEC!) can help you build a tax-smart strategy that reflects your shared future.
Marriage marks a brand-new chapter in life—and your finances. Tackling a few simple updates now will make things easier come tax time, and set a strong foundation for the future you’re building together.
Not sure where to start? CEC Financial Group is here to help. From tax filing to long-term financial planning, we’re proud to serve couples across the Metro East with sound advice and practical support.
Let’s make your financial future just as beautiful as your wedding day.
Contact us today to schedule a newlywed financial review.