MEET ME AT THE ALTAR IN YOUR WHITE DRESS!
It’s wedding season!! We love seeing all the beautiful brides and handsome grooms taking the first step to forever by getting married! Here are a few ways getting married will affect your TAX RETURN.
FILING STATUS-
Once you and your forever love sign on the dotted line, there are only 2 filing status’s you can use. These are Married Filing Jointly (MFJ) and Married Filing Separately (MFS). It doesn’t matter if you got married on December 31st, if you were married before the next tax year, the two options mentioned are the options you have. The best option is of course determined by your life’s circumstances, such as if you have dependents. Usually Married Filing Jointly is the most beneficial filing status for married individuals but again it is dependent on your life’s situations.
More Exemptions, Increased Standard Deduction!!
When filing a joint return you have the benefit of being able to claim 2 personal exemptions! One for the both of you!
The Standard deduction for the MFJ filing status is higher than the MFS filing status (one benefit) For example: In 2015 taxpayers MFS had an allowed standard deduction of $6,300, while taxpayers MFJ had an allowance of $12,600.
When choosing to take the standard deduction, taxpayers should weigh their options to see if Itemizing would bring a greater tax benefit.
Don’t forget to CHANGE YOUR W-4 (WITHHOLDING'S)
You are allowed to claim an additional allowance when you get married and as a result less taxes will be withheld from your pay. Mo Money, Mo Money!!
WIVES Don’t forget to Change your Name with the Social Security Administration
Your tax return is filed under your social security number so if you use your new last name with your social security number that has not been updated with your new name, you risk your return getting rejected. AINT NOBODY GOT TIME FOR THAT!