A Beginner’s Guide To Filing Taxes As Newlyweds

Combining your finances with your spouse after marriage changes the way you file your taxes because your filing status, your tax amount, and paperwork are now different. All of these new additions can make filing joint taxes confusing and stressful.

Fortunately, there a few things you can do to ease your tension. At Edrien Inc. we understand the taxation trouble couples face after marriage, so to guide you through the complicated process, we have compiled a Beginner’s Guide to filing taxes as newlyweds. The goal of this guide is to help you prepare and file tax returns with the correct liability, income, and tax refund amounts.

Getting Started

Talk to a tax professional: It is best to speak to tax professionals before getting married because they can help you with your tax planning before filing tax returns. A professional tax preparer can better guide you both while filling the correct W-4 and can explain in simple terms taxable income declarations. They can even help you figure out how to overcome your troubles with loans that you defaulted.

File correct W-4s before marriage: First and foremost, make sure that both of you fill in the correct W-4 by checking the right filing status exemption (married with higher single rate). If your wedding is in December 2019, it’s best to change your W-4-exemption by January to have enough tax deducted from each other’s income.

Next Steps

Declare incomes: Make sure that all of your income is declared, like bank interest, gambling winnings, work income W-2, and IRA/Social security retirement amounts.

Declare liabilities: Both partners must declare all of their liabilities (such as student loan and other debts). If a loan of either person is not paid, know that the IRS will intercept both newlyweds because being married also means you are liable to your partner’s tax liability.

Advice From The Pros

Be honest: Honesty is the best policy, so be truthful with your tax professional because they are here to help you.

Be accurate: Correctly fill in the W-4 form and if you’ve missed paying your student loan, be honest to the tax preparer about all of these liabilities.

Change your W-4 exemption status: A common mistake people make is not changing the W-4 exemption after their marriage. Like we mentioned earlier, this is something that needs to be done immediately after your wedding.

At Edrien Inc., our goal is to guide you as your go-to tax accountants in Baltimore, MD. For more than twenty years we’ve been preparing thousands of clients to file their taxes without setbacks. We specialize in accounting, bookkeeping, tax preparations, personal and corporate tax returns, tax planning, public notary, and immigration consultation services across Frederick, Bethesda, Gettysburg, Rockville, Baltimore, Aberdeen, Columbia, Essex, Glen Burnie, Odenton, Towson, Pasadena, White Marsh and surrounding areas.

Visit our website to learn more about what we do or contact Edrien Inc. today!