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April showers bring May flowers, and those flowers are used in the thousands of spring weddings held across the country each year. Every ceremony hallmarks a couple’s love and commitment to each other, and brings together family and friends to celebrate the joining of two families. This past weekend, I was fortunate enough to be a part of my best friend’s wedding. As high school sweethearts, they have experienced many life events together, including moving across state lines, changing career paths and making big purchases. They’ve also learned the importance of understanding how these events impact their taxes. As I watched them exchange vows, rings, and say “I do”, I started to wonder if they thought about how their marriage could affect their 2019 tax return.
According to the IRS, a taxpayer’s marital status on December 31 determines their status for the entire year. So even if you and your significant other decide to have a New Year’s Eve wedding this winter, the IRS would consider you as married for all of 2019. Fortunately, I’ve listed a few items below that will help make filing your first tax return as a married couple as easy as possible.
If you or someone you know is getting married or a newlywed, make sure they are aware of the tax implications of getting married. Please contact your tax professional at Schneider Downs if you want more information about these changes or other tax implications and how they could affect you.
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