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What Newlyweds in Rochester, NY Need to Know About Filing Taxes Together
Getting married is an exciting milestone — but beyond the celebrations and honeymoon, marriage also comes with important financial and tax changes. If you recently tied the knot in Rochester, NY or Greece, NY, understanding how your new marital status affects your taxes can help you avoid surprises and maximize potential savings.
At Nacca & Capizzi, we regularly help newly married couples navigate these transitions. From updating withholdings to deciding how to file, here’s what you need to know after saying “I do.”
1. You’ll Need to Decide How to File: Jointly or Separately
Once you're legally married, the IRS gives you two filing status options: Married Filing Jointly or Married Filing Separately. For most couples, filing jointly offers the greatest tax benefit. It typically results in a higher standard deduction, broader tax brackets, and eligibility for more credits.
However, there are situations where filing separately might make sense — such as if one spouse has significant medical expenses or if you want to keep financial matters separate for other reasons. Each couple’s tax situation is different, so it’s worth reviewing both options with a CPA.
Our tax planning and preparation services help you choose the most beneficial filing status and prepare accurate returns without the stress.
2. Update Your Personal Information
After your wedding, be sure to update the following:
- Social Security Administration: If you changed your name, notify the SSA to ensure your tax return matches their records.
- Employer HR/Payroll: Update your name and filing status on your W-4 form.
- Address: If you moved, file a change of address with the IRS and NYS Department of Taxation.
Delays in updating this information can slow down your refund or result in filing errors. A mid-year financial check-in with our team is a great way to ensure everything is up to date.
3. Revisit Your Withholdings
Getting married often changes how much you should have withheld from your paycheck. If both spouses work, your combined income might push you into a higher tax bracket — which could lead to underpayment if you don’t adjust your W-4s.
Use the IRS withholding calculator or work with a CPA to avoid penalties or owing more than expected at year-end. Our team at Nacca & Capizzi can walk you through the best strategy for your situation.
4. Consider the Tax Implications of Combining Finances
If you’ve opened joint bank accounts, bought a home together, or merged other financial assets, there may be tax benefits or consequences to consider. Deductions for mortgage interest, charitable donations, and even certain credits may change based on your combined income.
Understanding how your new financial picture affects your tax return is key — and our Life Events planning services help you stay informed and make smart decisions from the start.
5. Plan Ahead for Future Milestones
Marriage is often the beginning of other financial steps — starting a business, having children, buying property, or planning for retirement. It’s important to start thinking long-term now, and that includes tax planning as part of your financial picture.
Whether it’s setting up a joi
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