Did you get married this year? If so, congratulations! In addition to all of the exciting things that come with starting a life together, there are also some financial considerations. One of the most important is how marriage affects your tax filing status. Here are some tax preparation tips for newlyweds.
- If you got married at any point during the year—even December 31—the IRS considers you married for the full year. This means you’ll need to change your filing status to either “married” or “married filing separately.”
- You’ll also want to review your withholding. Use this information from the IRS to help you estimate what’s best for you and make any necessary adjustments with your employer’s payroll department.
- Look at your retirement contributions. Some types of savings accounts, like Roth IRAs, have different criteria for married couples than for single people. You may be able to put in more money or invest in different types of accounts. Speak with a financial adviser to make sure you’re making the right choice.
- Update your name. If you changed your name when you got married, you’ll need to update your information with the Social Security Administration. This will help any refunds get processed faster, as the name on your tax return will match what’s listed for your Social Security number.
- Update your address, too. If you moved during the year, you’ll want to make sure your employer, the IRS and any other relevant agencies have your new information. Again, this helps speed up the process of getting your refund to you.
Of course, there may be other ways that a marriage affects your taxes. That’s why it’s always best to speak to a tax preparation professional before you file. The team at Blackwell’s Tax Service offers professional tax preparation services to residents of Rock Hill, Fort Mill, and surrounding areas of South Carolina. Call us today to discuss your 2016 tax returns.