Tax filing for newlyweds

If you were recently married and plan on filing your taxes this year, they may be slightly different from what you are used to.

First, you will need to make sure that all your documents match. If a name change was involved with the marriage, all the documents from the Social Security administration must have the same name. If you have moved, the change of address will need to be documented as well. You will want to check with your employer to verify the documents they send for your taxes are up to date.

Choosing to file as “married filing jointly” means a married couple will have to report their income and deductions combined. This is still an option if one spouse┬áhas no income or deductions. Keep in mind, with this option, your deduction may be higher, and you may qualify for additional tax benefits.

“Married filing separately” is an option, as well. Couples choose this option for a variety of reasons, which could include one spouse having too little withheld or facing high medical expenses. This option does exclude the couple form certain tax breaks and credits.

Whichever options you and your spouse choose, it may be beneficial to see a tax professional to prepare your taxes and answer any questions you may have about your filing options.

At Account On Us, we are able to help with all your tax needs. Contact us for more information!

 

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