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Tax tips that newlyweds should pay attention to

| Jan 20, 2017 | Uncategorized |

There’s a reason that there are so many bridal shows at the beginning of the year. Retailers know that many couples get engaged during the holiday season; so future brides seeking to get married in the summer are already looking for wedding dresses. For those who went through wedding season last year and are now set to file their first joint tax return, the follow tips can be very helpful.  

Be aware of your new filing status – Of course, your marriage allows you to file under a new tax status: married filing jointly. The exemptions and credits are generally higher for married couples compared to single filers. But most importantly, your new filing status applies regardless of which month you were married in. As long as you tied the knot before December 31 2016, you can enjoy your new tax filing status.

Be wary of your withholding – Depending on your incomes, you could be pushed into a higher tax bracket, especially if one of your salaries includes commissions. If you find that you need to adjust your withholding, it is very easy to do. Completing a new w-4 will do.

Change your address – For new spouses that have relocated, notifying the IRS is essential. Like last year, the IRS will take additional steps to reduce identity theft, so informing the government of your new name and address can help avoid future confusion.

If you are a newlywed and have additional tax questions, an experienced attorney can help.

The preceding is not legal advice. 

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