Newly Wedded at Tax Time

The wedding bells have rung, the rings exchanged, and now its tax season. So what exactly does that mean for you, a recently married taxpayer?

First, you need to know how to file your return. You can use either married filing separately or married filing jointly, the latter which generally provides the lowest tax rate. There are some circumstances where filing separately from your spouse would make sense, though, such as one party having high medical expenses and a low income amount.

Medical expenses are able to be deducted once there reach ten percent of your adjusted gross income, so having a lower income means more of these expenses can be deducted. Filing jointly can eliminate this deduction.

Ensure that you reported your name change to the to avoid any delays. When you file your return, you’ll want to ensure that your name and social security number matches what the SSA has on file.

Also, you’ll want to review your W-4 and adjust your withholdings as your combined income may increase your tax liability. If necessary, file a new W-4 with your employer, and be sure to account for whether or not your spouse works and if you have dependents. This will ensure that the correct amount of income tax is taken from your pay.