Just married? Now that it's tax season, you may want to prep yourself on how your nuptials will affect your taxes. Same sex couples take note too. Your filing may be a bit more challenging. We've done some research to give you the basics.
For starters, if you changed your name when you got married, make sure you completed the appropriate name change form with the Social Security Administration. If your name and social security number don't match up when you're filing your taxes and you expect a refund, it will likely be delayed until you make the correction. Next, all couples who marry December 31st or before are considered married for the year and have to file their taxes as such. You can still decide whether or not you want to file jointly or file separately as married. In either case, how both of your incomes compare to each other will determine if you face a marriage penalty or not.
Married same sex couples must file their federal tax returns as married. If you're living in a state that recognizes same-sex marriage as legal, then you will also file your state taxes as married. If you're not residing in a state that allows for such a union, you continue to file as single. The tricky part is that many states base some of their tax on federal returns, so definitely speak to your accountant who can help you file correctly.
Finally, as a newly married couple, you may want to revisit your withholdings on your paycheck. Tweaking your allowances will help you get your withholdings as close to the amount you might owe in taxes for the year. This way you don't end up owing a lot or receiving a huge refund, which might serve you better throughout the year. To get the most out of your financial situation, it's always a good idea to have an expert weigh in. And with taxes due next month, what better time to schedule an appointment with your accountant!
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