Tax Tips for Newlyweds
Guest blogger: Lindsey Buchholz, a member of H&R Block’s Tax Institute. H&R Block is the world's leading tax service provider and is home to the best tax professionals in the industry, who are available to do whatever it takes to meet your needs—whether you file in the office or do your own taxes. For more financial advice and tips, visit their blog, Block Talk.
Filing tax returns was probably one thing you never gave much thought to when you got married. But, guess what: marriage can make taxes more complicated. Instead of making decisions just for yourself, you now have to consider your spouse’s income and potential deductions and credits too, so you can make smart financial decisions that won’t have you overpaying taxes. Here, some facts to keep in mind.
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Pick any filing status—as long as it’s married. When you get married, you are no longer able to file as a single individual. Instead, you will file either as married filing jointly or married filing separately. The IRS determines your filing status as of the last day of the year. So even if you got married at 11:59 pm on December 31st, for tax purposes you are married for the whole year.
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