Money Monday: Tips For Filing Taxes As A Newlywed
If you recently tied the knot, congratulations! You have a new marital status, plus a few tax changes to make. With tax season coming to an end soon, you want to make sure you have your documents and filing status in order. Tax day is officially April 15, but this year you have until May 17 to file due to an extension. If you’re feeling any overwhelming stress as tax day approaches, take a deep breath and move through it one step at a time. Preparation is key when it comes to this yearly task and you can start as early as today, here are three tips for filing your taxes as a newlywed!
Change Your Name
If you’re planning to change your name post-wedding, that’s the first thing you should take care of before you start the process of filing taxes. Make sure to update your name with the Social Security Administration first before attempting any smaller account name changes. This will make it easier for you to change your name on any bank accounts, driver’s license, bills, etc. If you change your name after filing your taxes, that may cause a delay in the processing of your return and any potential refunds.
Photography by Hailie Olszowy
Gather Documents
Whichever filing status you decide on, separately or together, you will need to gather all necessary documents for your tax returns. That includes income records, receipts, credit card statements, social security information, etc. for both you and your spouse. Try to do this at least a few days before you file your taxes to give yourself time to find all necessary documents. Create a folder or designate a drawer in your desk that is dedicated to tax documents so in the future you won’t have to search for any documents before your filing.
Photography by Fabiana Skubic Photography
Choose A Filing Status
Discuss with your spouse whether you will be filing a married joint tax return or married separate tax returns. It is most common for couples to file taxes jointly as it can offer more tax benefits. However, you should evaluate your yearly income to figure out which filing is best for you and your spouse. Just remember, you can only file as a married couple if you tied the knot before the end of the day on December 31, 2020.
Photography by Jessie Wyman & Christina Anne
Good luck filing your taxes, if you’re prepared it should be a breeze! Share this with a friend who got married in 2020 and check out our blog for other wedding-related financial tips.
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