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By Jennifer Calfas
March 23, 2017
Couple Calculating Bill
Photo Of Young Couple Calculating Bill At Home
AndreyPopov—Getty Images/iStockphoto

Getting married or having a baby are two major life events to celebrate. But they also have a significant impact on your taxes.

If you were married this year, you can adjust your withholdings by filling out a new W-4 form with your place of employment.

However, deciding whether you should file jointly or separately from your spouse can make things tricky.

95% of married couples file jointly, but there are some ways filing separately could be more beneficial, depending on their circumstances. For example, those couples who have fairly similar incomes should consider filing separately, as to avoid what’s been dubbed as “the marriage penalty.”

If you’re a couple with a new baby, you can receive up to $1,000 in child tax credit as well as an exemption for a new family member.

Watch the video above for what all couples who are married or have a baby should know about their taxes.