Marriage is a wonderful time to celebrate your love for one another. It’s also a time to start thinking about your finances as a couple. One of the first things you need to do is start preparing your taxes.
If you’re newlywed or about to get married, here are five tax tips to help you prepare for filing your taxes as a couple:
1. You may need to adjust your withholdings.
2. You can file your taxes jointly.
3. There are tax benefits for married couples.
4. You may need to file separate state taxes.
5. You can still file your taxes separately if you’re married.
Review Your Withholding Status
It’s important to review your current withholding status and make sure that it’s accurate. You may need to make changes if your income or filing status has changed since you last updated your withholding. Book an appointment with us for consulting and to make sure you’re not overpaying or underpaying taxes with your current withholding status. If you’re eligible for tax deductions, make sure to include those deductions in your new withholding status.
Update Your Filing Status
It’s important to update your filing status when you get married to reflect the new filing status that applies to your new marriage. You’ll also need to check if you’re eligible to file your taxes jointly or not. If you both have income, filing jointly can significantly reduce your tax burden. Filing jointly is also beneficial if you have other deductions or credits applicable. It’s important to remember that some states may still require you to file a separate state tax return even if you’re filing a federal return jointly.
Check Your Eligibility For The Married Filing Jointly Status
Make sure to check your eligibility for the married filing jointly status. There are certain tax benefits for married couples that filing jointly can benefit. You may be eligible for tax credits or deductions that you wouldn’t have been eligible for when filing separately. If you have children or dependents, the Married Filing Jointly status may also allow you to claim benefits for those dependents as well.
Stay Up To Date On Changes In Tax Law
Tax laws are constantly changing, so it’s important to stay up to date on changes in the law and how it may affect your filing status. If a tax law changes during the course of the year, you may need to consult with us to help you understand how the change affects your filing status.
Filing taxes as a newlywed or couple doesn’t have to be complicated. Following these tips can help you prepare and make sure you’re taking advantage of all tax benefits and deductions available to you. Visit our contact page to book an appointment with us and get your taxes filed. You and your partner can enjoy life better by knowing that a tax agent has your back.