Getting married is an extremely exciting time in anyone’s life. It can be full of change and euphoria. One of the parts of your life that will see significant change is your taxes. There are several changes that you need to make so that you can take full advantage of the tax benefits that come from getting married. Mark Dicus & Company is here to share some tax tips for newlyweds.
Do I have to Change My Social Security Card when I Get Married?
If you took your spouse’s name when you got married, you are going to need to get a new social security card. When you coordinate your social security benefits with your spouse, it allows you as a couple to make the most of your benefits. When you start to draw on your benefits later in life, you will be able to draw up to 50% of your spouse’s benefits based on your own earnings. This can be extremely beneficial to you in your retirement.
Do I Need to Fill Out New W4 when I Get Married?
Another change you are going to want to make has to do with your W-4. You will want to change your marital status on this form. You might also want to make some adjustments to the withholding that you currently have down. It will depend on what things look like at home.
Will Changing My Address Affect My Tax Return?
It might not be a reality for every newly married couple to be able to purchase a home together after getting married, but if it is, you will want to update your address with the IRS. You can fill out a form that will update where you live in the system. You should know that there are several tax breaks that you can take advantage of when you purchase a home together. You will be able to deduct all the interest that you pay each year on your mortgage for one. There are also certain rules pertaining to capital gains that you can enjoy depending on where you live and what your circumstances are.
Do I Need to Change My Filing Status After Marriage?
Just because you are married doesn’t mean that you have to file your taxes jointly. Some people choose to file their taxes separately even though they are married. You will find that there are many more benefits to filing your taxes together though. Some couple keep things separate if combining their incomes puts them in a higher tax bracket. You will have to make the choice depending on your circumstances and finances.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you have questions about what tax season will look like for you this year, you can turn to Mark Dicus & Company to answer them. We will help you prepare your taxes and make any necessary changes to your records to the IRS. It is our goal to make tax season as painless as possible for our clients. Call us today!