Tax Things Newly Weds Need to Keep In Mind

Just married? Newly weds have a lot of planning to do. While taxes might not be part of the normal process, it should not be ignored. These are also things that you can discuss before you say “I do”. It will just help make sure you are more prepared after your big day.

Here are some things to consider:

  • If your name changed, make sure the changes are reported to the Social Security Administration. This will avoid delays in processing the filing of your return and/or delivery of potential refund. The name change can also bring a delay in depositing some of your wedding gifts into the bank. Consider changing your name with the Social Security Administration as soon as possible.
  • Review and possibly change your employee’s withholdings elections (W-4). You may either move into higher or lower tax brackets.
  • If you have prior debts that are past due, make sure you discuss this with your spouse.
  • Consider maxing out your 401(k) contributions.
  • If you also become a parent in the same year, you can earn child tax credit of $2,000 per child that is less than 17 years old.
  • You have an option to file your tax return as married filing jointly or married filing separately. Talk to your accountant to see what your best options are for filing.

 

If you would like more information, please contact Manasa Vangala at 314-576-1350 or mvangala@bwtpcpa.com.

Manasa Vangala is an Accountant with BWTP P.C. Read more about her here.

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