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Tag Archives: Marriage

Getting Married and Related Tax Issues

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 10, 2021 by Lake Wylie Tax Services StaffAugust 10, 2021

Getting Married and Related Tax IssuesMost weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021. Although tax issues are the furthest thing from their minds during this big life-changing event, newlyweds should know how tying the knot can affect their tax situation. There are actions they need to take to avoid problems and unfortunate tax surprises. If you are newly married, here’s a checklist of “to do’s” to help you:

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Posted in Tax Central | Tagged Marriage, Marriage Tax

Consequences of Filing Married Separately

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 4, 2021 by Lake Wylie Tax Services StaffMay 4, 2021

Consequences of Filing Married SeparatelyCouples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. Generally, filing MFJ will produce the better tax result. However, other factors – usually personal or financial rather than tax-related – can come into play that cause taxpayers to choose to file MFS returns.
Whatever the reason for filing MFS, the consequences encountered when filing separate returns are as follows.

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Posted in Tax Central | Tagged Marriage, Tax Planning

Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 2, 2020 by Lake Wylie Tax Services StaffJanuary 23, 2020

Taxes and DivorceTaxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications. But the ramifications are real, and the following are some of the major tax complications for each situation.

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Posted in Life Events | Tagged Death, Divorce, Marriage

How to File Taxes After Saying ‘I Do’

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 5, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

Impact of marriage on taxesA taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises – some pleasant and some unpleasant – for individuals who previously filed as unmarried.

Also, the couple needs to notify their employers of their new marital status so any affected benefits can be updated. Usually new W-4 forms should be prepared and given to their employers so income tax withholding can be revised for the new filing status.

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Posted in Tax Central | Tagged Marriage, Tax Planning
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