Getting married: the most romantic thing you can do. Filing your taxes: decidedly the opposite. Nevertheless, these two acts are connected in important ways. From how you choose to file your taxes to the benefits you can earn from filing jointly as a married couple (think credits and deductions), it’s important to learn how getting married will impact everything you know about paying taxes—and how your marital tax benefits can help you plan and save for the future. And while taxes in general may not be sexy, saving enough money for a new car or home down payment sure is. Keep reading to find out all you need to know about taxes after “I do.”
"We consider ourselves financially savvy, but taxes are on a level of complexity all their own. We had heard of the 'marriage penalty', when dual-earning couples end up paying more in combined taxes after getting married, so we did seek out an accountant to review whether the tax being withheld from both our paychecks was still accurate. That's when we also found out about the option to choose between filing our taxes jointly or separately every year. With kids and (hopefully) homeownership coming sometime next, our taxes aren't likely to get any simpler any time soon." —Jack L. , Zola User, September, 2018
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When we dream about finding our soul mate and having the perfect wedding and living happily ever after, taxation is probably the furthest thing from our minds. But now that you are married, filing as if you’re still single is no longer an option.
Regardless of whether you said your vows last year on New Year's Day, New Year's Eve or any day in between, you and your spouse are treated by the IRS as joined in taxation for all of 2018. Not sure what that entails? Read on to learn what it means to file your taxes together as newlyweds.
You take the vows, you do the dance, you cut the cake, and suddenly you’re not one anymore; you’re part of a pair. You have joined togemy fther in matrimony, now it’s time to decide whether to join together in taxation.
Once you file that marriage certificate, regardless of whether it’s the first day of the year or the last, you are married for the whole year in the eyes of the taxman, and from that day on you have two choices: file jointly or file separately.
There are all kinds of reasons to choose one over the other and there’s no simple answer (well, there kind of is, but that’s no fun!), so let’s take a look at what it means to file a return jointly with your spouse or to file separately.
Marriage can bring many wonderful surprises, but a big tax bill shouldn’t be one of them. When tax season rolls around, you and your new spouse will file as married for the first time and if you haven’t given your taxes any thought before then, your tax refund might not be anywhere close to what you were used to during your single years.
Find out more about how your taxes will differ now that you’re married, why you shouldn’t wait to review you and your spouse’s combined tax withholding including possibly updating Form W-4, and how a Visor tax professional can guide you through these changes if needed.
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While creating a wedding registry filled with all the goodies and gadgets you and your partner could ever want can be a fun-filled pre-wedding activity, many of us already have a kitchen stocked with essentials. Using your wedding registry to support your favorite charities can be a great way for you and your guests to spread the love and also grab a few great tax benefits!
Visor pairs you with a dedicated tax professional to guide you to maximum tax savings and prepare your tax return. You just need to answer a few questions, send in your forms and we'll work until we find every last deduction. With Visor, having your own tax advisor just became affordable!Get Started