Planning a wedding is such an exciting and monumental occasion. But that doesn’t mean that this wonderful lifetime experience isn’t occasionally filled with stress and anxiety. There are countless details to plan in the months, weeks, and days leading up to that special day. But look on the bright side; once the wedding day arrives, all that stress just magically disappears! You walk down the aisle, vows are exchanged, and you have a reception that celebrates this joyous occasion with close family and friends. From here, it’s all fairy tales and happily ever after, right?
Well, we hate to break it to you, but that stress, planning, and organizing does not necessarily end after you say “I do.” In fact, there is still plenty of work to be done once you are officially married. If you are the bride, there are items on the to-do list that must be accomplished as soon as possible. But something both the bride and the groom must do together is figuring out how to file taxes together, now that they are legally man and wife.
Your filing status as a couple is a determining factor when it comes to your tax liability, filing requirements, and even your eligibility for tax credits and deductions. For your federal taxes, if you got married at any point during a given year, in the eyes of the government, you are considered married for the entirety of the tax year. In general, married couples have the option of filing a joint tax return or separate returns.
Here are two current filing statuses and what they could mean for you and your spouse:
Married Filing JointlyOn a joint tax return, you and your spouse report your combined income and deductions on one tax return. This means that you will both be held accountable for the information reported on your tax return.
Married Filing SeparatelyIf you think your spouse is at risk of not honestly reporting their income or deductions, consider filing your tax returns separately. This is also a recommended route if you think your spouse has too little federal income tax withheld from each of their paychecks.
For some married couples, the stresses and chaos of planning a wedding are still present long after they leave the altar. But knowing how getting married impacts your tax situation doesn’t have to be one of them. For more information on what you can be doing to correctly file your 2018 taxes with your marital status in mind, trust your friends and experts at Tax Relief Incorporated. Call 630-655-1040 to set up your appointment today or visit us in person at 1107 S Mannheim Rd Ste 310 in the heart of Westchester.