New York – Taxes may not be the first in your mind when you celebrate a cheerful occasion as a marriage or a new baby. But once he returns from his honeymoon or while his newborn is nap, he must spend some time Thinking about them.
Keeping you Organized documentsUpdating their retention and knowledge of which tax credits is eligible are some crucial steps as couples and parents navigate the tax season, said Henry Grzes, main fiscal practice manager AND Ethics for the American Institute of CPAS.
The deadline for submitting your taxes 2024 is Tuesday. If you run out of time, you can request a extension until October 15.
Here are some expert recommendations if you are presenting taxes as a newly married or new father.
Keeping your fiscal documents organized is a great practice, regardless of your presentation year. Having your fiscal documents in a folder on your personal computer, even if it’s images of documents, you can help you have everything in the same place, said Tyler Horn, a certified financial planner and Chief of Origin planning, a financial planning application.
“Just take a photo with your phone, send it and keep it in that safe folder on your computer. That way you have everything together,” said Horn.
It is also good to keep your records for the future. He Irs recommends that maintains its documents for at least three years and up to seven depending on its situation.
If you changed your last name, you should ensure that your government documents reflect this. Your tax declaration must coincide with your Social Security number, so you choose to change your name, you must make a change with the Social Security Administration.
Often, people forget to make this change in advance, which leads them to make mistakes in their tax statements.
“That is something that people do not necessarily think and when they think it is sometimes too late,” said Grzes.
You can get more information on how to change your name in the Social Security Administration Website.
One of the greatest changes, for fiscal purposes, when it marries is whether you choose to present your taxes together or separately, said Horn.
To make this decision, each couple must take a look at their specific situation. In most cases, the joint presentation could make the greatest meaning, but it is not always that case, said Horn. One of the benefits of presenting together is that it gives access to new credits and tax deductions.
It is important to know that if a couple is married until December 31, the law indicates that the couple was married throughout the year, Grzes said. So, if you married in the summer, in the eyes of the IRS you have married all the full year.
You can read more about each state of presentation in the IRS website.
If you plan to submit taxes together with your spouse, you must update your W-4 form with your employer. Update your W-4 is intended to reflect your new statement, from single to married, as well as update your tax withholding.
Knowing what tax credits and deductions that it qualifies is very important when presenting your taxes, said Horn. The relevant tax credits for married couples include the income won, the American opportunity and the tax learning for life.
When it comes to DeductionsYou can opt for a standard or detail deduction. The detail usually only makes sense if your detailed deductions add up to more than the current standard deduction of $ 29,200 for a married couple.
In some cases, a person who qualifies for the income of income won as a single file will no longer qualify if it is presented jointly with his spouse, said Grzes. To avoid surprises when you present your taxes, Grzes recommends that you work with a tax professional in advance.
It is important that you get a social security number for your child as soon as you can, said Grzes. The first time you have taxes after having your new baby, you can request several new tax credits, but you can only do it if you claim them as a dependent.
“If you are going to claim your child as a dependent, you must have a social security number and put that number on the return. Otherwise, the IRS will deny him,” said Grzes.
In general, hospitals allow you to request a registration of Social Security number. However, you can also request online or in your local Social Security Office.
To relieve some of the expenses of having children, IRS offers several tax credits, including children’s tax credit, child care and adoption credit. Parents also continue to qualify for the income of income earned, which will continue to be based on their income earned and the number of children they have.
“The income loan earned clearly provides a significant refund and having a child, could increase the amount of income that it could obtain and even qualify for that credit,” said Grzes.
Parents can benefit from opening tax -free accounts, such as a flexible expenses account or a 529 account.
A flexible spending account (FSA) allows you to set aside dollars before taxes to pay for medical care costs and child care, while account 529 allows you to leave money for education expenses.
“It is worth making sure he is maximizing his fiscal opportunities,” said Grzes.
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