Finally, you will need to take into consideration the estate you will create once you tie the knot. You’ll also need to discuss if something should happen to you or your spouse, the way your estate is distributed. Contact an estate planning attorney as soon as possible to update your estate and that of your spouse, or to create an estate to protect your assets if something should happen to both.
Your Filing Status
You may choose either married filing jointly or married filing single. Even if you get married near the end of the year, you’ll need to file as married for the entire year. You’ll get more tax benefits if you file married filing jointly. However, in some circumstances, you may want to file married filing single. The tax attorneys at France Law are able to advise you of the best way to file based on your circumstances.
Tax Brackets and Exemptions
You and your spouse’s income will be combined. This means your tax bracket may change, which could mean that you will be paying higher taxes. However, you do get additional deductions, especially if you have children. Depending on your situation, this could be beneficial to one or both of you.
Be sure to update your W-4 forms with your respective employers so that you will have enough taxes taken out during the year. When you file jointly, the standard deduction is higher, but you may benefit by itemizing your deductions. Business law attorneys well-versed in tax law will be able to help you determine which way is best, especially if one or both of you own a business.
Estate Planning and Gift Taxes
One of the benefits of getting married is that you are allowed to give your spouse unlimited cash or other property as gifts without paying gift taxes. This is important when it comes to estate planning. Thus, once you are married, visit the asset protection attorneys at France Law to create an estate plan that will benefit you and your spouse — and any children you may have or may have in the future. An estate plan not only covers you if you die, but it also makes it easier for your spouse or another family member to take care of your assets for you if you become incapacitated.
When you file a tax return, you use your social security number. Notify the Social Security Administration (SSA) if you change your name as the difference in names may delay the processing of your tax return. If you marry but do not change your name, you do not have to notify the SSA of a name change. It does take some time for the SSA to get the name change in the system, so be sure to do that as soon as possible so that your name matches up with your social security number.
The IRS limits the number of charitable deductions you are able to deduct each year. That number is based on your income. If you don’t have enough income to cover your charitable deductions, the excess is usually carried over to the next year. However, when you file a joint return, your spouse’s income is combined with yours, so you may be able to take all of your charitable deductions in the same year, thus saving on your current taxes.
Contact France Law To Help With Taxes After Marriage
Contact France Law for individual and business tax advice and to plan an estate that benefits you and your family by saving on some taxes.