NEW YORK (AP) — Taxes may not be the first thing on your mind when you celebrate a joyous occasion like a marriage or a new baby. But once you return from your honeymoon or while your newborn is napping, you’ll need to spend some time thinking about them.
Keeping your documents organized, updating your withholding and knowing which tax credits you’re eligible for are some crucial steps as couples and parents navigate tax season, said Henry Grzes, lead manager of tax practice & ethics for the American Institute of CPAs.
The deadline to file your 2024 taxes is Tuesday. If you run out of time, you can file for an extension until Oct. 15.
Here are some expert recommendations if you are filing taxes as a newlywed or new parent.
Keep things organized
Keeping your tax documents organized is a great practice regardless of your filing year. Having your tax documents in a folder on your personal computer, even if it’s pictures of the documents, can help you have everything in the same place, said Tyler Horn, a certified financial planner and head of planning at Origin, a financial planning app.
“Just take a picture with your phone, send it and keep it in that secure folder on your computer. That way you have everything together,” Horn said.
It’s also good to keep your records for the future. The IRS recommends that you keep your documents for at least three years and up to seven depending on your situation.
Update your last name if you changed it
If you changed your last name, you will need to make sure your government documents reflect this. Your tax return must match your Social Security number so, if you choose to change your name, you’ll need to make a change with the Social Security Administration.
Oftentimes, people forget to make this change ahead of time, which leads them to make mistakes on their tax returns.
“That’s something that people don’t necessarily think about and when they do think about it sometimes it’s it’s too late,” Grzes said.
You can find out more about how to change your name on the Social Security Administration’s website.
Choose whether to file jointly or separately
One of the biggest changes, for tax purposes, when you get married is whether you choose to file your taxes jointly or separately, Horn said.
To make this decision, each couple should take a look at their specific situation. In most cases, filing jointly might make the most sense but it’s not always that case, Horn said. One of the benefits of filing jointly is that it gives you access to new tax credits and deductions.
It’s important to know that if a couple is married as of Dec. 31, the law indicates that the couple was married for the entire year, Grzes said. So, if you got married in the summer, in the eyes of the IRS you have been married the full year.
