Tips for recently married couples and parents for the first time

New York (AP) – Taxes may not be the first thing in your mind when you celebrate a happy occasion like marriage or a new child. But once you return from the honeymoon or while your newborn baby will need to spend time Think about them.

Maintain your Organized documentsHenry Grace, the main director of tax practice and ethics of the American Institute of the Popular Union Party, said that updating your blocking and knowing the qualified tax credits are some decisive steps as husbands and fathers transfer the tax season.

The deadline for offering 2024 taxes is Tuesday. If you run out of time, you can submit a file to get extension Until October 15.

Here are some expert recommendations if you are making taxes as a newly or new married parent.

Keep organizing things

Keeping your tax documents is a great practice regardless of the year of deposit. Tyler Horn, an accredited financial plan and head of planning in Origein, a financial planning application, said that the presence of your tax documents in a folder on your personal computer, even if the documents are pictures, can help you get everything in the same place.

“You only need to take a picture of your phone, send it and keep it in this safe folder on your computer. In this way you have everything together,” Horne said.

It is also good to keep your records for the future. the Recommend the Tax Authority To keep your documents for at least three years and up to seven years depending on your situation.

Update your last name if you change it

If you change your last name, you will need to make sure that your government documents reflect this. Your tax declaration should match your social security number, so, if you choose to change your name, you will need to make a change with the Social Security Administration.

Often, people forget to make this change early, leading them to make mistakes in tax decisions.

Grace said: “This is something that people do not necessarily think, and when they think about it, it is time to be too late.”

You can learn more about how to change your name on Social Security Management website.

Choose if you want the file jointly or separately

Horn said that one of the biggest changes, for tax purposes, when you get married is whether you choose to provide your tax jointly or separately.

To make this decision, each couple must take a look at their specified situation. Horn said that in most cases, submitting the deposit may be more logical, but it is not always that condition. One of the benefits of joint application is that it allows you to access new tax credits and discounts.

It is important to know that if the couple is married as of December 31, the law indicates that the couple was married throughout the year. So, if she gets married in the summer, in the eyes of the Tax Authority, she got married in the full year.

You can read more about each deposit case on Tax Authority website.

Update your W-4 model

If you plan to provide taxes jointly with your wife, you should update your W-4 model with the employer. Your W-4 update is intended to reflect your new deposit status, from individually to married, as well as updating your tax blocking.

Learn the available tax credits and discounts

Horn said that knowing the tax credits and discounts that you qualify for is very important when offering your taxes. Related tax credits for married couples include acquired income, American opportunity and lifelong learning tax credits.

When it comes to DiscountsYou can either choose a standard discount or detail. It is generally logical if detailed discounts add up to more than the current standard discount of $ 29200 to the couple.

In some cases, the person who is qualified to obtain the acquired income credit as one file is qualified if it is jointly presented with his wife. To avoid surprises when offering your taxes, GRZES recommends that you work with an early tax specialist.

Get a social guarantee number for your child

It is important to get a social guarantee number for your child as quickly as possible. The first time that you submit taxes after you have given birth to your new child, you will be able to apply for many new tax credits, but you can only do this if you claim to be dependent.

Grace said: “If you are going to ask your child that he is a liking, you must have a social security number and put this number at the return. Otherwise, the Tax Authority will deprive you.”

Usually, hospitals allow you to apply for a social security number registration. However, you can also apply online or at the local social security office.

Tax credits for parents

To alleviate some expenses of childbearing, the Tax Authority provides many tax credits, including child tax credit, childcare credit and adoption credit. Parents also continue to qualify for acquired income credit, which will continue your acquired income and the number of children you have.

Grace said: “Credit credit clearly provides a significant recovery and by having a child, you can increase the amount of income that you can earn and are still eligible for this credit,” Grace said.

Other tax advantages

Parents can benefit from opening tax -exempt accounts such as flexible spending calculation or 529 account.

The Flexa spending account (FSA) allows you to allocate pre -tax dollars to pay health care and child care costs, while 529 funds are allowed as part of education expenses.

“It is worth making sure that your tax opportunities increase,” said Grace.

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Associated Press receives support from the Charles Schwab Foundation for educational and clarification reports to improve financial literacy. The independent institution is separate from Charles Schwab and Co. Inc. AP is the only one responsible for the press.

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