Tax Impacts of Getting Married

 

You have decided to get married and now you are wondering how it will affect you during tax season. You may have to pay more in taxes yet, at the same time, marriage allows you to take advantage of some wonderful tax benefits. Today, this article will discuss some of the tax impacts of getting married.

Filing Status

The IRS cares about the day you are married. You are considered married for tax purposes as long as you make it official by December 31. This means that you either have to file married filing separately or married filing jointly.

Married filing jointly is usually recommended since some tax credits can only be claimed if you file married filing jointly. Additionally, you want to keep in mind that if one spouse itemizes both spouses has to do so.

Marriage Penalties/Bonuses

Some married couples feel as though they are being punished for being married. Their new tax bill is more expensive than what they were used to when they filed single. However, on the other hand, if the two spouses have a large difference in their income they could get a marriage bonus.

Closing Thoughts

These are just two of the ways that marriage influences your taxes. However, other things to consider are the home sales tax advantage and estates advantage. It is recommended that before marrying you discuss finances and things with your fiancé so you can decide if now would be a good time for the two of you to wed or if it should be put off. The last thing you want to do is start your marriage and have to stress about how you are going to be able to afford your tax bill.

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