Filed under: Personal Finance, Lynnette Khalfani-Cox
o. Notify the Social Security Administration
So now that you've found Mr. Right, you're changing your name, huh? Or maybe you plan to hyphenate, keeping your existing name, but adding on your honey's last name too. Either way, be sure to report that name change to the Social Security Administration (SSA). You want your new name and Social Security Number to match when you file your next tax return to avoid any potential problems.
It's easy to let the SSA know about a name change. Just file a Form SS-5, Application for a Social Security Card, at your local SSA office, get it online from the SSA's website, or call 800-772-1213.
o. Tell the IRS
Are you moving in with your spouse or will the two of you be getting a new place together? If so, advise the IRS of your new address by submitting Form 8822, Change of Address. You may download Form 8822 from IRS.gov or order it by calling 800-TAX-FORM (800-829-3676).
o. Advise the U.S. Postal Service
While you're taking care of the whole address change thing, don't forget to also notify the U.S. Postal Service when you move. That way, they'll forward any IRS correspondence -- as well as other mail you might get. Like that $50 check your great Aunt Helen might send as a wedding gift.
o. Inform Your Employer
Next up on your things to do list: Inform your employer about your name and address changes. You want your employer to have the right information on file when they send out your Form W-2, Wage and Tax Statement next year.
o. Check Your Withholding
If you and your spouse both work, your joint income may put you in a higher tax bracket. Use the IRS Withholding Calculator to figure out the proper amount of withholding needed for your new filing status. That IRS Calculator will even give you a new Form W-4, Employee's Withholding Allowance Certificate. Print that form and give to your Human Resources department, so your employer can withhold the right amount of taxes from your paycheck.
Marriage isn't just about love and happiness. It also means joint commitment at many levels, including shared financial responsibilities. So even though you might be basking in newlywed heaven, don't overlook tax-related issues even at this early phase of your union. Look at it this way: With financial problems contributing to so many divorces, you can do yourself a favor by taking the five steps listed above. A little time spent now will help keep your marriage strong by minimizing financial stress later.
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'