Wedding bells ringing? Take care of taxes

Will wedding bells be ringing for you or a family

member this summer? If so, add tax updating to the long

list of things to do.

Here are some of the tax concerns newlyweds need to

take care of.

* Check the effect marriage will have on your tax bill.

  If both spouses work and earn about the same income,

  you may pay higher taxes due to the "marriage penalty."

  You may need to adjust your tax withholding to avoid

  a big tax bill next April, and perhaps even penalty

  and interest charges for underpayment of taxes.

* Notify the Social Security Administration if you

  change your name.

* Notify the IRS of your address change if you move to

  a new home.

* File new Forms W-4 at work to reflect your married

  status.

* If either of you has an IRA, check the effect marriage

  will have on the deductibility of contributions.

* Update your estate plan, making appropriate changes

  to wills, powers-of-attorney, health care directives,

  etc.

* Review the beneficiary designations on your retirement

  plans and insurance policies.