Uncategorized Tax Tips for Newlyweds Leer el artículo Abrir el cajón compartido Escrito por Elle Martinez Publicado Jun 10, 2019 3 minutos de lectura Congratulations to all of the summer newlyweds! As you start your new lives together I wanted to offer some financial tips that helped us when we first got married as well as a few items I wish we learned sooner. Hopefully it’ll help you build your finances together. Tax Tips for Newlyweds Have a Financial Game Plan Ready Before you two start tinkering on your finances, having an overall plan for your money and your goals can be incredibly helpful and empowering. Do you want to eventually own a house? Do either one of you want to start a business? Do you want to have children? What are your goals for work and retirement? Don’t worry if you don’t have definitive answers. You can always adjust your goals, but it is good to have some idea of what the two of you want together. The conversation makes it easier to decide how to manage your money together. Get Your Withholding Squared Away Once you’re married, you may want to update your withholdings. If you’re an employee, you should check out changing your W-4 with Human Resources. Going back to your goals that you’ve discussed, you may want to adjust your withholdings so you get more per paycheck throughout the year. Perhaps you two may want to get a big tax refund so you can use that lump sum for a big financial goal. Each has its pros and cons, so the two of you have to decide what is the best match for you. If you do expect a refund or you’re getting a slight increase in your paychecks after the adjustments, here are some suggestions on how you two can use the money: Build savings. Having a financial cushion in case of emergencies, a house down payment, or for starting a business can be a smart move. Pay down or knock out debt. Starting off your marriage with less debt can be a great financial win. Even if you can’t completely pay off the debt, paying down a bit can save you on interest charges. Boost your IRA. If you haven’t created one already, you can use the money to boost your retirement accounts. Discussing this before hand and then automating the transfers or payments can help you reach your financial goals easily. Make Taxes Easier Next Year Even though it’s a bit before you have to file your income taxes, it doesn’t hurt to get prepared now. It’ll make it easier for the two you and it could speed up process (and a refund) if done now. When you file your taxes your name should match what the Social Security Administration has on record. If they don’t match, you’ll have problems with getting your taxes processed. Just fill out a Form SS-5 (the application for a Social Security Card) and submit it either in person at the local U.S. Social Security office or U.S. Embassy. You must also submit proof of the name change, so have a certified copy of your marriage license. You can also mail it to the office along with the required documentation. With just a little effort now you two can make filing taxes less stressful. Thoughts on Taxes and Marriage How many of you recently married? How are you two merging your finances? How’s the process going for you? Publicación anterior Creating a Baby Fund for Your New Arrival Siguente publicación First Day of Summer (Summer Solstice): Summer Camp Can be… Escrito por Elle Martinez Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. Más de Elle Martinez Visita el sitio web de Elle Martinez. Síguenos en Facebook. Síguenos en Twitter. Los comentarios están cerrados. Buscar artículos relacionados Planificación de Impuestos ¿Qué es una cuenta HSA? Planificación de Impuestos 5 maneras de aumentar tu reembolso de impuestos del añ… Planificación de Impuestos ¿Debería enmendar mi declaración de impuestos por un… Vida Cómo solicitar una extensión: Guía paso a paso Ingreso Instrucciones para el Anexo (K-1): Cómo presentar en 1… Planificación de Impuestos ¡Aún puedes presentar tus impuestos con TurboTax! Trabajo Cómo presentar los impuestos de pequeñas empresas Vida ¿Qué es una exención personal? ¿Deberías usarla? Ingreso Edad para hacer retiros de una cuenta IRA Vida Pago de impuestos en exceso: todo lo que debes saber