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.

Financial Tips For Newlywed Couples

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

It's officially summertime, and that means wedding season is in full swing! With temperatures rising and the sun shining, now is the time that many couples often choose to say "I do." However, while tying the knot is an extremely exciting time for both the couple and their families, there are also serious matters that must be discussed to ensure a smooth transition into this chapter of their lives - money, for example.

To make the process of dealing with finances and financial situations easy from the start, we've put together the following list of tips for newlywed couples:

Communicate: Although money can be a sensitive subject, as life partners it's important for married couples to be open about it. From day one, newlyweds should make it a priority to discuss money regularly so that there is no awkwardness about it down the line. Especially if joint accounts will be opened, they'll need to feel comfortable discussing budgeting, loans, and various other financial topics.

Prepare: Once individual and joint accounts are taken care of, newlywed couples should discuss a plan for how they will prepare for financial emergencies. For example, will a separate bank account be opened just for this purpose? Or, will a small stash be set aside in the home? Either way, it's important for couples to have an emergency fund available to cover unexpected costs.

Budget: Before getting married, each individual was likely only responsible for their own expenses and probably had their own budget to follow. However, with a partner involved and new joint expenses, such as a mortgage and groceries for two, chances are that budget is going to change. To feel financially stable and secure when it comes to paying the bills each month, newlywed couples should make creating a budget the number one item on their to-do list.

Update: A beneficiary is the person who will receive some type of financial benefit upon an individual's passing, which is why it is so important to have the right name listed. After getting married, it's a good idea to update the beneficiary on all legal documents to reflect the spouse.

Last but certainly not least, once things have calmed down it is essential that newlywed couples sit down with a financial planner to get all of their money in order. Between planning for retirement, figuring out taxes, updating insurance and more, meeting with an expert in the field is the best way to ensure that they are headed in the right direction.

To learn how the team here at American Investment Planners LLC can help newlywed couples and their families with financial planning, please visit www.americaninvestmentplanners.com or call (516) 932-5130.

Financial Tips For Individuals Going Through A Divorce

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Going through a divorce can be a difficult time for many - the partners involved, immediate family members, even extended family members. That being said, just knowing the nature of the situation, we also understand how stressful it can be to make important decisions in the middle of it all.

Here at American Investment Planners LLC, we have advisors who have experienced the divorce process first hand, which has allowed us to increase our knowledge about the field and further grasp the challenges that individuals in this situation face. And since the process of going through a divorce can be quite expensive in itself in addition to impacting individual financial situations, we have made it our business to help clients going through this life change in addition to the other financial planning services we offer.

Below, you'll find a few financial tips for individuals who are going through a divorce:

1. Adjust your banking situation so that there are no longer any joint accounts open - same goes for credit cards that may have been shared between both parties. If, however, money is owed on a joint account that cannot be fully payed off at the time of the divorce, speak with your lender to ensure that future charges won't be accepted so that you can just focus on paying off final debts. Additionally, don't forget about brokerage accounts where joint ownership has been granted. Since any joint owner can make a call to have the account liquidated, it's critical that you meet with your financial advisor to review ownership rights on investment accounts - especially for those accounts not held at a bank.
2. Find time to change the beneficiaries on any of your accounts. If you are not sure who you should put in place of your ex-spouse, seek the advice of a trusted financial advisor like American Investment Planners LLC. Since the individuals you list will receive your assets once you pass, it's important to make sure that you are satisfied with those you have designated in both the primary and contingent categories.
3. Check your credit score to see how your financial status has changed, if at all. If there are issues that need to be addressed, make sure to do so immediately so that they do not infringe on your ability to take out new loans or insurance, for example.
4. If children are involved, make sure that all matters related to child support are taken care of in depth and understood by both partners. And don't forget about college tuition! Should loans be taken out to cover the cost, it's important to determine whose name they will be in and how both parents may be contributing. Lastly, you must also figure out if you are entitled to alimony and find out how long it will continue for. 
5. Take a look at your investments and really spend some time going over them. If your spouse was primarily in charge of investments, you may need to adjust some of the decisions previously made to find new investments that are a better fit for your latest financial situation. Of course if you are unsure about current investments and if they should be changed, you can always contact American Investment Planners LLC for help.

Last but not least, it is extremely important to set a new budget for yourself and create a new plan to help you save for the future. By being aware of how your finances have or will change, you can develop a new strategy for feeling financially secure for years down the line.

Here at American Investment Planners LLC, we are well aware of the challenges that come with a divorce, which is why we have also dedicated part of our services to helping individuals with these needs. For more information about how we can help, please give us a call at (516) 932-5130.