Married? Filing Taxes Jointly For The First Time

Getting married was one of the most exciting times in my life! After the planning and events had come to an end, we sat down to take a look at a few of the NEW things in our life due to marriage. One of those was our finances and how we planned to manage them. As the year wound down I realized there was something else we were both doing for the first time…filing our taxes together. How is it different and what did I need to know? Today I will go over some basics for filing your taxes together for the first time!

Married? Filing Taxes Jointly For The First Time

Our Filing Status

Talk to your employer and request to update your W4 or your tax withholding’s. It is likely that you will now be taxed at a lower rate, so update your status to married instead of single. Depending on your household income you may also want to change the amount of dependents you are claiming.

Confirming Correct Information

First things first…if you are changing your name, make sure to responsibly update your name on all of your legal documents. This includes your driver’s license, insurance, passport, bank accounts and social security card. Your social security card is the most important component for your taxes with your bank accounts coming right behind it. Second, if you have recently moved, make sure to file a change of address with IRS Form 8822. Third, make any name and address and changes with your employer.

Deductions

Your tax situation could change when it comes to your deductions or your decision to itemize or take the standard deduction. There are plenty of changes when it comes to 2018 and it is important to understand them and make the right choice! Look at this closely with your partner or ask your tax professional.

Which Brings Us To…

Skip the tax anxiety and hire a professional! We will insure that everything is correctly filed and get your first joint taxes out of the way. Accuracy is key and preparing your own taxes may not pay off in the long run. If this resonates with you or you are confused about your tax preparation, give us a call!