I'm Filing Jointly For The First Time This Year, So I Asked A Cpa What I Need To Know Before Filing

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• I'm filing jointly for the first time this year, and that comes with changes to how I file taxes.
• If you make a similar amount as your partner, your tax bracket is likely the same, but it's good to check.
• In some cases, it might make sense for one partner to withhold more than usual from their income.

My wife and I got married in July 2024, but this isn't when we started being open about our finances. Throughout our relationship, we have discussed how much we contribute to our 401(k) and Roth IRA, what we contribute to our emergency fund, and how we can spend according to our values.

Our openness means that I didn't anticipate much change when we got married, though we knew that one major change would be filing our taxes jointly. I often owe a large amount during tax season because I'm a high earner and run a freelance writing business in addition to working a corporate job, while my wife, who works at a hospital, usually owes a pretty minimal amount.

As we were gathering our tax documents for my CPA, my wife came to me after realizing that our joint income would put us above the income limit for contributing to a Roth IRA without penalties. I had never considered that the thresholds would be different for us as a couple since I had only considered our individual incomes in the past, so I looked it up and confirmed. I decided to ask Ashley Vince, CPA and owner of The Finance Hero, what else we need to know about filing jointly so we're more prepared for the next tax season.

Start by figuring out your new tax bracket

"After December 31 in an applicable tax year, there's very little that can be adjusted," says Vince. "That's why planning is key, and it's imperative to have an understanding before the end of the tax year, regardless of your filing status."

This is why it's helpful to come into tax season, which is from January 1 to April 15, with a plan. If you're filing as married for the first time like we were, Vince says that your taxable income for the year will be impacted by your credits, deductions, and progressive tax owed, which vary by filing status. Start by assessing where you land in terms of the progressive tax brackets.

"If two individuals make similar salaries, there's likely to be little impact to the progressive tax," Vince said. "However, the calculation will be different if there is a large gap between each partner's incomes."

The IRS updates tax brackets each year and publishes a list of changes. It's worth noting that the married filing jointly thresholds are double the rate for those filing single, something we learned in this process.

Make sure your withholdings are where they should be

You can use the IRS's tax withholding estimator to estimate the federal income tax that you'd want your employer to withhold from your paycheck.

To determine your estimated tax liability, gather your and your partner's most recent tax return, pay stubs, and information about any other sources of income. This will help you answer the questions about the income tax withheld, and you'll also be asked about the tax deductions you expect for the applicable tax year.

"Ensure that either partner is withholding enough taxes to cover the couple's combined income at the pertinent tax rate," Vince says. "You can do this by updating your withholdings using a W-4 form, which can be submitted to your employer's HR department. Another option is to make the payment for the difference directly to the IRS, which needs to be made in the applicable tax year by January 15."

Figure out whether you should itemize your deductions

The thresholds for deductions are also different for individuals filing single versus married filing jointly. As a married couple filing jointly, Vince says that you have the option to take a standard deduction or itemize deductions to reduce your taxable income.

Some common itemized deductions may include home mortgage interest, real estate and personal property taxes, individual income tax, and charitable donations. My wife and I own our home, so we submitted paperwork to our CPA for our home mortgage interest, and I also submitted the paperwork for the sale of my previous home.

"In general, in order to benefit from itemized deductions, it would have to be greater than the standard deduction for a couple married filing jointly," Vince says.

To plan ahead before the year is over, Vince suggests reviewing your expenses within the pertinent categories for itemized deductions to see if you're above or below the standard $30,000 standard deduction.

You may be able to adjust the timing of your expenses so you meet the threshold of itemized deductions, which would also include your fixed expenses like state and local taxes and home mortgage interest. For example, Vince says that you could choose to make donations to causes you care about, which are variable expenses, to see if that puts you over the $30,000 threshold and helps reduce your tax liability.