Tax Tips For Newlyweds

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you said "I do" last year, then we'd first like to start off by offering our congratulations! Marriage is an incredible journey for you and your loved one, and we are confident that you will make a lifetime full of memories as you embark on it together. But along with all of the good that comes with tying the knot, there are a few other very serious matters that need to be addressed, starting with how your taxes may be affected. Below, let's take a look at some of the most important things you need to keep in mind where your taxes are concerned at this point of your life:

Update Your Name and Address: Any names and Social Security numbers on your tax return must be an exact match to the Social Security Administration's records, so if you've changed your name and have yet to let them know, do so now. To access the appropriate forms for filing a name change with the SSA, be sure to visit ssa.gov. For address changes, let the IRS know of your update by filling out IRS Form 8822 or visiting the post office. For additional questions or concerns regarding name and address changes, don't hesitate to contact a tax planner like ourselves!

Know Your Filing Status: If as of December 31st you were married, even if it has only been for a short period of time, you are looked at as being married for the whole year when it comes to your taxes. That said, you and your spouse will need to decide if you are going to file your federal income tax returns jointly or separately. If you aren't sure which approach will result in the best benefit for you, speak with an experienced tax planner.

Edit Your Tax Withholding: To change your withholding, you'll need to submit a new W-4 form to your employer. Although now having a combined income from you and your spouse could catapult you into a higher tax bracket, you may find that filing together will lessen your tax liability, making this a better option for you. Again, to determine what will work in your favor, sit down with your financial planner so that you can weigh all of your options.

Since many of life's greatest events, such as marriage, can result in a few financial changes needing to be made, it's important that you have a team of people that you can trust to inform you of what needs to be done and help you make educated decisions when needed. If you're currently without a financial planner, it's time to give American Investment Planners LLC a call - especially considering that tax season is here.

For more information about our tax planning and other financial planning services, please contact us at (516) 932-5130 today.

Above information courtesy of Emerald Connect.