From Yahoo Finance: 2025-04-13 04:36:00

If you recently got married or welcomed a new baby, it’s time to start thinking about taxes. The deadline to file your 2024 taxes is Tuesday, but you can file for an extension until Oct. 15. Keep your documents organized, update your last name if necessary, and choose whether to file jointly or separately.

If you’re planning to file taxes jointly with your spouse, remember to update your W-4 form. It’s crucial to know the available tax credits and deductions, including the Earned Income, American Opportunity, and Lifetime Learning tax credits. Consider whether to opt for standard deductions or itemize based on your situation.

Don’t forget to obtain a social security number for your child as soon as possible to claim them as a dependent on your tax return. The IRS offers tax credits for parents, including the Child Tax Credit, Childcare Credit, and Adoption Credit. Parents can also benefit from opening tax-free accounts like a flexible spending account or a 529 account to maximize tax opportunities.

Read more: Tax tips for recently married couples and first-time parents