Racing to the Altar… Just in Time for Taxes

Every December, engaged couples rush to marry before the end of the year, hoping to save money on their taxes by filing jointly

 

In the eyes of the IRS, if you’re married by the end of the year - even on December 31st - you’re considered married for the full year. 

 

For this reason, we see lots of surprise wedding ceremonies in December. Couples engaged during the romantic holiday season (aka engagement season) rush to marry before the end of the year after deciding that -- for personal reasons -- it'd be in their best interest to file jointly on their upcoming taxes. Many couples expect that filing jointly will lead to a tax break or ‘marriage bonus’ that will save them money. And for the majority of couples, this is usually true.

 

(Planning a last minute ceremony? Ask a friend or family member to perform your wedding! They can get ordained online with us for free and then we’ll teach them the rest.)

 

Tax breaks and filing statuses are not always that simple, however. (Shocking, we’re sure.) Filing jointly can occasionally result in a penalty, and even a ‘married filing separately’ status can come with a few potentially unexpected outcomes, such as losing the Earned Income Tax Credit, not being able to deduct student loan interest payments, or not being able to claim education credits.

 

So while you’re planning your last-minute December wedding and choosing your filing status as newlyweds, here are some prompts to help you ask the right questions when it’s tax time. 

 

 

Planning to get married at end of year? Taxes & considerations for end-of-year weddings

 

Ask yourself these questions to compare tax advantages and disadvantages of marriage and filing jointly

 

 

Do you and your new spouse have similar incomes? 

This is important to consider because partners with very different incomes can sometimes see more of a benefit from filing jointly than other couples, while those with very similar, or generally higher, incomes might be more likely to see a decrease in their refund.

 

Do you or your partner have a lot of medical expenses?

If your medical expenses exceed a certain percentage of your income, they might qualify for a deduction. If a married partner files separately, this might save them some money versus filing jointly.

 

Will you or your partner be facing a large tax bill? 

If you don’t want your refund to go towards paying a spouse’s tax bill, filing separately might be a good idea. 

 

Is one spouse unemployed (or a stay-at-home parent with unpaid employment in the home)? 

 

Although jobless individuals usually can't contribute to an individual retirement account (IRA), being married changes things. Once you're married, you can contribute to an IRA using your shared income. This means that you can contribute to two IRA accounts as a family instead of one.

 

 

Not sure how to file your federal taxes as newlyweds? Do a little research to learn about filing statuses.

 

 

One tax tip we think is especially valuable to remember if you plan to get married at the end of the year:

 

If you change your name when you get married, you should let the Social Security Administration know right away by filling out the correct forms. If the name on your tax return doesn’t match the name they have on file, you’ll probably have trouble filing your return. 

 

Whatever you do, do your research. Don’t take your tax advice from us -- we’re pros when it comes to officiating weddings, but not when it comes to taxes. If you need help, you'll need to ask a friendly tax professional (or better known as a Certified Public Accountant).

 

We hope these questions will help you get started as you plan your romantically spontaneous December wedding ceremony. Oh, and -- congratulations! 

 

 

Updated November 26th, 2024

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More Wedding Ideas & Advice

 

 

• How Much Does the Average Wedding Cost?
   
• Matron of Honor vs Maid of Honor (& Why You Need BOTH!)
   
• New Year’s Eve Wedding Ceremony Script with Wine Box & Love Letters

 

Celebrate the start of a new year & new life together with this New Year's Eve wedding ceremony script! Click the link above to read the full wedding officiant script.

 

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Let Your Loved One Officiate Your Wedding or Elopement Ceremony! 

Good things happen when friends and relatives help out at the wedding ceremony! Having a friend officiate your elopement is a great way to ensure the wedding day is as intimate and personal as it can be. When the guest list is small, every moment means more! 

Ask a friend or family member to officiate your wedding with free online ordination through American Marriage Ministries (AMM). 

|* custom-button, "https://theamm.org/ordination-application", "ORDAINED MINISTER ONLINE APPLICATION" *|

Why AMM? American Marriage Ministries is an inclusive nondenominational internet church that ordains and trains ministers to officiate marriage ceremonies. We are a recognized 501(c)(3) nonprofit church, and help people from all backgrounds and beliefs become ordained ministers for weddings. Our online ordination is free, accessible, and never expires.

 

Officiating weddings is an incredible honor, and a great way to show your love and support for the people getting married. As a wedding officiant, you will help to create memorable ceremonies and memories that last a lifetime.

AMM Ministers can legally officiate weddings in every state* (it's much harder in Virginia, where we're looking into our options). After getting ordained with AMM, you might need to register your ordination with your local county clerk’s office. Click the link above to get started! 

 

 

Become an ordained minister online with American Marriage Ministries and officiate wedding for friends and relatives. (Photo cropped: Biserka Stojanovic / iStock)

 

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