When you get married, almost every aspect of your life is impacted — including your income taxes. While this subject may be the last thing on your mind when you return from a honeymoon, working with an accountant to get your finances in order as a married couple will help you avoid surprises and take advantage of the available benefits. The following tips will help you through the process. 

How to Handle Taxes After Getting Married

1. Decide How to File

When you get married, there are two ways you can file your taxes: jointly with your spouse or as a married person filing separately. Most couples file jointly because it only requires one return and you can share deductions.

Couples who file separately may do so because they prefer to keep their finances separate or don’t want to take on the other’s tax liability. Your accountant will be able to tell which option is best.

2. Report Name Changes 

If you’ve taken your spouse’s last name, it’s important to inform the Social Security Administration as soon as possible. Your Social Security number verifies your identity when filing taxes. If the name associated with the number doesn’t match the name your accountant uses on the return, you may not receive a refund until the discrepancy is resolved.

3. Adjust Allowances

When filing a W-4 form as a single employee, you probably just took allowances for yourself and any children you may have. Now that you’re married, you can take an additional allowance for your spouse if you’re filing jointly.

Making this update is important to prevent the IRS from withholding too much money from your paycheck. It also ensures that they won’t withhold too little, which could leave you with a significant tax bill at the end of the year.

If you’re newly married and need an accountant to help you with your taxes, reach out to Corey C. Davis, CPA. For more than a decade, he has provided individuals, couples, and businesses in the Kerr County, TX, area with a wide range of tax and legal services, including income tax preparation, estate planning, and bookkeeping. Visit the firm’s website or call (830) 257-8800 to set up a consultation.