Taxes After Marriage: What Newlyweds Need to Know
Next to having children and buying a home, marriage is one of the biggest changes that can happen in your life. As such, this change also affects the taxes of both spouses. If you’re in the El Paso area and you’re looking for a bit of guidance in terms of your newfound communion, Clifford, Ross, Raudenbush & Cooper, LLC can help. Keep reading to learn more about what happens to your taxes when you get hitched!
Reap the Rewards of Marriage
When two become one, so do their taxes (if they so choose). Most married couples decide to file a joint tax return. This means their income for the year will be combined. When filing together, couples may qualify for a variety of tax credits such as Earned Income Tax Credit or Child and Dependent Tax Credit, for example. Filing jointly will also require you to combine your income with your spouse’s. In most cases, this will place the two of you in a higher tax bracket but you’ll still be able to reap many benefits. There are some instances in which filing separately may be more beneficial but since every case is different, it’s in your best interest to speak with a CPA before filing your taxes.
Make Sure Your Future is Well-Paved
A great many things change when you marry someone. Not only will you start a new family and a lifelong commitment of love and respect, but you will also become a married couple under the eyes of the American government. As such, it’s necessary to do certain things in order to make sure your economic future is stable. If your spouse is unemployed or makes much less than you, then it might be best to file your taxes jointly. If both you and your spouse make high salaries, then the two of you should speak with a CPA in order to understand the best available options. If you thought that filing your taxes was a difficult process, just imagine how much more complicated it’ll be when you file with your spouse! But there’s no need to go it alone; Clifford, Ross, Raudenbush & Cooper, LLC is ready to help! Give our team a call today to schedule a meeting. We’ll guide the way and help file your taxes so you’ll have nothing to worry about.