It’s wedding season! Walking down the aisle to say “I do” is the beginning of an exciting adventure for a married couple. The old saying “What is yours is mine and what is mine is mine” not only applies to those newlywed couples, but to Uncle Sam as well. Filing for taxes as a married couple is a change from what you’re used to. John S. Curtin, CPA Chartered prepares individual tax returns for people in the Ellicott City, MD area. He’d like you to consider the following tax preparation advice for newlyweds so you’ll be ready for the next tax season.
How do I prepare for tax season?
First and foremost, make sure to report any name changes to your local Social Security Administration office. If you’re moving, complete IRS form 8822 so they have your current address.
You should also update this information with your employer so your W-2 will be ready to go.
How should I change my tax withholding?
For income tax preparation purposes, remember that there will be a changed status of household income. Consider filling out a new W-4 at your place of employment so you can adjust your withholding amounts. This helps you use your money, rather than loaning it to the government interest-free for a year.
How should my spouse and I file?
Most couples find that if they file jointly, their tax bills are reduced. You’ll report your earnings and your spouse’s and deduct any combined allowable expenses. Another important consideration of filing jointly is which tax bracket you’ll be qualified to enter. You’ll also have to decide whether to take the standard deduction or to itemize. Common deductions include charitable giving, property taxes, and medical expenses.
What’s my next step?
You have a lot on your plate during your first year of marriage. Between planning a wedding, moving, traveling, and getting settled into married life, your finances may take a backseat. Don’t miss out on valuable deductions that could save you money. Work with a tax professional for your tax preparation. At John S. Curtin, CPA Chartered, we’ll make sure your taxes are accurate and in order. We’ll also help you get the most out of your tax return. Call us today for an appointment at our Ellicott City, MD office.