Your tax situation changes when you get married, and your options for filing taxes for the entire year are based on your marital status as of December 31. How Does Marriage Affect Taxes? Taxes can have a wide range of effects on marriage. Although everyone’s circumstances are unique, there are some tax advantages to marriage…
When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a tax checklist for newly married couples: Name and address changes Name – When a name changes through marriage, it’s…
The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and complex circumstances that come with filing taxes while in the military. Reviewing these resources is a good way to get ready for the upcoming tax filing season. Here’s a list of some of these…
Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully review their options to pick the filing status that makes the most sense for them. Those who are only eligible for one filing status should be sure to review their situation after a…
The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt…
More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit, the Earned Income Tax Credit and other tax credits. These and…
No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early withdrawals can come with heavy penalties and costly tax consequences. Here’s some important…
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS considers a couple married for filing purposes until they get a final decree of divorce or separate maintenance. Update withholding When someone becomes divorced or separated, they usually need to file a new…
Many people work for a family member, whether it’s a child helping out at their parent’s shop or spouses running a business together. When someone is employed by a family member, the tax implications depend on the relationship and the type of business. It’s important for taxpayers and employers to understand their tax situation. Married…
October 17 is fast approaching. That’s the last day to file for most people who requested an extension for their 2021 tax return. These taxpayers can file any time on or before Monday, October 17 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed…
