Wedding season is now in full swing, and busy couples are carefully planning every detail of what will likely be one of the most memorable days of their lives. But with the average cost of a wedding in the United States rising to around $35,000, expense management is not nearly as fun as the planning itself.
While certain tax deductions might offset some of the expense of the wedding, other tax implications may have a negative effect. Before tying the knot, couples should carefully consider how marriage will impact their taxes and plan accordingly. Wolters Kluwer provides the following tax tips for couples to keep in mind.
Top Tax Tips for Couples Tying the Knot
- Be aware of the possible tax positives or negatives of shifting from single to joint filing status.
- Make sure that name changes on the tax return match name changes with the Social Security Administration.
- Think about possible tax deductions through use of a charitable organization’s facilities or donation of wedding leftovers.
- Remember possible tax issues with receiving promotional items to help with wedding expenses.
- Consider possible gift tax issues if parents or grandparents pay for wedding expenses.
- Remember to coordinate employer fringe benefits after marriage.
- Consider the tax issues that may be involved with selling a home after marriage.
- Remember that tax issues involving same-sex unions have been evolving.