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Getting married impacts almost every area of your life, from your housing needs to your income taxes. While packing for your honeymoon and getting started on building a life together, spend a little time on tax planning to avoid unpleasant surprises and take advantage of any benefits. If you’re planning a wedding or just got married, the tips below will help you get your taxes in order.

Helpful Tax Tips for Newlyweds

1. Adjust Your Withholding Amounts

When filling out their W-4s, most singles just take the allowance for themselves and any children they might have. After you’re married, you can take an extra allowance for your spouse. Adjusting your withholding amounts as soon as possible will help you avoid overpaying, giving you more money throughout the year. However, if your combined income will put you in a new tax bracket, adjusting your income tax amount can help you avoid getting a big year-end tax bill.

2. Look for Tax Breaks

tax planningFor most married couples, filing a joint return is the best approach. If you’re filing jointly, look over both sets of financial records for deductions you can take. For instance, if you both contributed to your IRAs before getting married, those contributions can be deducted on your joint return.

3. Start Tax Planning

Even if you get married near the end of the year, there’s still time to maximize your deductions. Consider increasing your retirement contributions or donating unused belongings to charity. You could also plan on taking the standard deduction for married couples, which is currently set at $24,400.

 

If you’re planning a major life change, the tax accountants at Bergamo Tax & Financial Solutions will provide the insight and sound strategies you need. They proudly serve clients throughout Watertown, CT, as well as Middlebury, Waterbury, and Litchfield. For more on their tax planning services, visit their website or call (860) 274-1655.

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