Maybe, during your single life, you always filed your own tax returns. Perhaps you even completed them online in a few simple steps, then submitted them electronically to the IRS. After you get married, however, Professional Tax Service becomes imperative, even if you have never used such a service before.
This is because taxes become much more complicated after you decide to share your life — and your finances — with another individual. While you should take the time to celebrate and honor your union with your spouse, it is also important to make practical decisions to protect yourself.
A Professional Tax Service not only prepares your tax documents, but also helps you make essential decisions about your method of filing taxes. For example, you might never have itemized your expenses prior to getting married. Single individuals often benefit from taking the standard deduction, but this changes upon reciting vows.
When you join your life with another individual, your income and expenses are also united. This means that every financial decision you make reflects on the other person, as well, and the template-driven method of filing taxes does not work any more. You need personalized service to address your financial situation as well as your spouse’s.
Additionally, you will need to decide whether you want to file your taxes separately or jointly. Most spouses find more benefits in the joint approach, but this depends on your specific situation. It also depends on when you were married and what types of jobs you have.
For example, if you marry a man or a woman who owns his or her own business, your taxes become infinitely more complicated. While you might collect a return for your employment at a “typical” job, your spouse might owe a significant amount to the IRS for self-employment taxes.
The same is true if your income is radically different from that of your spouse. Whether you earn more or less, your approach to taxes will change as you attempt to avoid losing as much money as possible every April 15th.
To prevent mistakes and to help you navigate this new journey as a married couple, consult with Woloshen and Herman C.P.A. about professional tax preparation. This is particularly important during the first year of your marriage, but you will likely benefit from it during subsequent years, as well. Click here for more INFO.
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