Getting hitched is exciting, but let’s be real—nobody wants to think about taxes when they’re busy planning a honeymoon. Still, ignoring the financial side of marriage could cost you big time. The good news? A few smart moves now can save you serious cash and headaches later. Here’s the lowdown on making the IRS work for you as a duo.
File Jointly or Separately? The Great Tax Debate
First things first: Should you file jointly or keep things separate? For most couples, filing jointly is the way to go—it often means lower tax rates, bigger deductions, and eligibility for credits like the Earned Income Tax Credit. But there are exceptions. If one of you has student loans on an income-driven repayment plan, filing separately might keep payments lower. Same goes if one spouse has hefty medical expenses or miscellaneous deductions. Crunch the numbers both ways before deciding—it’s like choosing between a shared Netflix account or keeping your own. Sometimes separate is just cheaper.
Name Changes and Paperwork: Don’t Trigger the IRS Alarm
If you’re changing your name post-wedding, update it with the Social Security Administration before filing taxes. A mismatch between your SSA records and tax return can delay refunds or even flag your return for fraud. Pro tip: The IRS won’t care if you hyphenate, but they will care if you forget to notify them. Also, double-check your W-4s with your employers to adjust withholding—getting a giant refund might feel like a bonus, but it’s really just an interest-free loan to Uncle Sam.
Maximize Those Deductions: Two Can Play This Game
Marriage unlocks deductions you might not have qualified for solo. Charitable donations? Now you can combine receipts and potentially itemize more easily. Mortgage interest? If one spouse owned a home pre-marriage, you might now qualify for bigger breaks. And don’t forget state and local tax deductions—some states offer perks for married filers. Just remember: The standard deduction for joint filers is double that of singles ($27,700 in 2023), so itemizing only makes sense if your combined write-offs beat that number.
Health Insurance Shuffle: Avoid the Marriage Penalty
If one of you has a killer employer health plan, consider ditching the pricier individual policy—but watch the timing. Getting married mid-year means you’ll need to coordinate coverage changes within 30 days to avoid a gap. Also, if you’re both covered by high-deductible plans, check whether your combined HSA contributions stay within limits ($7,750 for families in 2023). Overfunding an HSA can trigger IRS penalties, and nobody wants that kind of wedding gift.
Plan Ahead for Next Year: The Tax-Savvy Couple’s Calendar
Taxes aren’t a once-a-year thing when you’re married. Set quarterly check-ins to adjust withholding if one of you gets a raise, starts freelancing, or has a baby (hello, Child Tax Credit!). Keep a shared folder for receipts, 1099s, and donation records—Google Drive works, but so does an old-school shoebox. And if you’re feeling overwhelmed, remember: A CPA who specializes in couples’ taxes is worth every penny. Think of it as premarital counseling… for your bank account.
Look, taxes won’t ever be as fun as picking out wedding cake flavors. But tackling them together? That’s the real test of marital teamwork. Nail these strategies now, and you’ll have more cash for the stuff that actually matters—like upgrading from that “starter apartment” or finally taking that dream trip. Now go celebrate (and maybe bookmark this page for April).
