Whether you’re planning a wedding or just recently married, understanding how marriage affects your taxes is crucial. Let’s take a look……..
Once you’re married, you can choose to file jointly or separately, filing single is no longer an option. Most couples benefit from the ‘Married Filing Jointly’ status, which often provides lower tax rates and higher deductions.
But remember, every couple’s financial situation is unique. Filing separately might be advantageous in certain circumstances.
Marriage can open doors to new tax credits as well as an increase in your standard deduction. Credits and increased deductions translate into tax savings and more money!
After getting married, you might need to adjust your W-4 form to better match your new tax situation. It’s a simple step that can prevent surprises at tax time.
Make sure to update your marital status with your employer, review your health insurance options, and if you changed your name, notify the Social Security Administration.
Tax laws can be complex, and they change frequently. Consulting a tax professional can help you navigate your new financial landscape.
Marriage is a beautiful journey, and understanding your tax situation is just one step along the way. Here’s to love, happiness, and smart financial planning!
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Associate Partner
In Kelly's 30+ years of accounting and tax experience, she has worked with many closely-held businesses and business owners in the real estate, retail, professional service, not-for-profit, and agricultural industries.
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