If you are getting married, congrats! I hope you have been taking to heart some of the suggestions I have been posting recently (scan my last few posts if you are just landing here) and I just wanted to remind you that you and your spouse need to plan for your first year filing Married Filing Jointly (or Separately) together.
Most couples when they first get married might end up owing taxes because they didn’t plan accordingly. Remember that as of the end of the year – the very last day – Dec 31st, you and your beloved are considered as a couple. That means what is yours is hers and what is yours is his as well. That means that your income is considered combined for income tax purposes.
If you check out my post (look on the side of the page or go to the home page and look on the side there if you are viewing this as a single post) under one of my “Bad Tax Idea, Good Tax Idea” notes, you can see that you should both have changed your W4s from work to reflect that you need to have a little more money possibly withheld for taxes. What has happened in the past is that both couples change their withholdings from Single 1 to Married 4 or stuff like that and they both end up owing at the end of the year.
If you are in doubt, drop me a line or consult with your favorite tax pro. Have a great time as a couple and please make sure that you have your taxes covered so you don’t start planning for divorce several months later!
May 30 2011 Later In the Day
Kim Isaac Greenblatt
Taxes and Your Wedding