Getting married results in many changes—it can even affect your taxes. And the more you know about these differences, the better chance you will have of avoiding errors and either minimizing your tax obligations or maximizing your return. Here’s an overview of some key considerations for married taxpayers.

What to Know About Filing Taxes After Getting Married 

Filing Status 

When your marital status changes, so must your tax filing status. You will either need to file as married filing jointly or married filing separately. Some tax credits and deductions are only available when filing jointly, although numerous couples choose to keep their finances separate and prefer to file their taxes in the same manner. This can be especially useful if combining your income would result in you entering a higher tax bracket.

Tax Withholdings 

Once the honeymoon is over and you’re back at work, look into adjusting your W-4 paperwork. Those who plan to file taxes jointly and receive the higher standard deduction that goes with it can likely have less money deducted from their paycheck each cycle.

Name Change

Your Social Security number is used to verify your identity when filing taxes. Those who take their spouse’s last name should let the Social Security Administration know as soon as possible. If the name attached to your SSN doesn’t match the one on your tax return, any refund you are owed will be delayed until the discrepancy is resolved.

Selling a Home 

If either of you has a house to sell, perhaps in favor of something larger, know that the amount of tax-free profit you can make outside your income doubles from $250,000 when you’re single to $500,000 for married couples. However, both of you must have lived in the home two out of the last five years for the sale to qualify for the married maximum. Otherwise, the $250,000 limit applies to the seller just as if they were single.

Preparing taxes is challenging for most people, but after marriage, it can become even more complicated. To ensure your return is as accurate as possible, contact Donna Sellers, CPA. For more than two decades, residents throughout Terry County, TX, have relied on her knowledge and expertise to provide them with quality tax services at an affordable rate. She will advise you and your new spouse on the filing option best suited for your unique financial situation. Call (800) 618-4914 to schedule an appointment, or visit the website for more information on her services.