August 1, 2016
While most couples go to great lengths to ensure that their wedding day is perfect, far fewer think about how their nuptials will impact their tax liability. The truth is, the moment you get married, no matter what time of the year it is, in the eyes of the government you are considered to have been married for the entire tax year. With this in mind, here are some tax tips to consider as you prepare to walk down the aisle:
Don’t let tax stress put a damper on your big day. Take a few moments to talk about taxes with your partner before your wedding, or schedule some time to consult with one of our professionals after the honeymoon.
Is your idea of a morning routine hitting the snooze button three times and then dragging yourself out of bed in just enough time to slide into work as the clock strikes 9:00 a.m.? You may get some extra sleep, but let’s be honest: A frantic race to work, whether at home or in the office, is probably not the best way to start off a productive day.
Filing taxes for 2020 was…challenging. Yes, that’s a good way to put it. Not impossible, but not exactly fun, either. While your 2021 return hopefully won’t be quite as much of a challenge, there are still several unusual factors to be accounted for (e.g., Child Tax Credits and Economic Impact Payments).
We buy pets as holiday gifts with the best of intentions. Haven’t decades of commercials shown us that there’s nothing more adorable than a cute little ball of fluff jumping out of a gift-wrapped box into its new owners’ welcoming arms?