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How will getting married impact my taxes?

Married Filing Jointly

Marriage is a wonderful structure attempting to bring two people into an organized relationship that allows them to create a strong household. The primary tax benefits for marriage can accrue when one spouse has a significantly higher salary than the other. What that does is allow the couple to enjoy both the income benefits of the higher salary and the tax write-offs of the lower salary, according to our Atlanta CPAs. When you are married, you have two tax filing status options: Married Filing Jointly or Married Filing Separately. You can see how the Internal Revenue Service (IRS) treats both statuses and select the one that is best for your bottom line. Of course, you can save time filing taxes, if done jointly. You share expenses - this overhead can be spread out over two incomes if you so desire.

Marriage Tax Benefits

There was a time when a "marriage penalty" existed. It is important that everyone understands that Congress has tried to remove that penalty. Therefore, some of the key marriage tax advantages have been reintroduced. Our accountants have tried to educate our married clients on some of their options, which include individual retirement accounts (IRA). A jobless spouse can own an IRA. A married spouse can earn substantial tax benefits from investing into a retirement fund. Having a spouse can raise the charitable contributions that may be deducted each year. Moreover, marriage allows for superior estate planning. Our accountants want couples to take advantage of the tax benefits that are associated with marriage.

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided in this website is not all inclusive and such information should not be relied upon as being all inclusive.

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