Marriage Taxes
You have finally tied the knot, but you still need help with deciding how to deal with your taxes. When it comes to your Marriage Taxes, you definitely do not want to be having any issues. There are some specific tax considerations for married filers, but marriage also offers several tax benefits. Typically, some tax payers may find themselves to be paying slightly bigger tax bills, but this can happen in some instances. What you need to do is get professional assistance with your Marriage Taxes, in order to avoid doing things incorrectly or paying too much.
How Getting Married Affects Your Filing Status
Once you get married, the only filing statuses that you are able to use on your tax return are married filing jointly (MFJ) or married filing separately (MFS). Your filing status is determined on December 31 of each individual year. This is set up this way so that even if you were not married for most of the tax year, you do not have the option of filing as single if you are married on that date. Generally, married filing jointly provides the most beneficial tax outcome for most couples because some deductions and credits are reduced or not available to married couples who choose to file separate returns.
Exemptions and Increased Standard Deductions for Married Couples
Married couples filing a joint return are given the opportunity to claim two personal exemptions (one for each of you) on the tax return instead of the one exemption, which was previously allowed when you filed as a single individual. Also, the standard deduction allowed on the tax return is highest for married couples filing a joint return. For example, in 2014, single taxpayers were allowed a standard deduction of $6,200, while married couples filing a joint return were allowed a deduction of $12,400.
Additionally, a dependent exemption is allowed for each child claimed as a dependent on the tax return.
To make sure that you do not ever miss a single detail in regard to your Marriage Taxes, allow our Marriage Taxes professionals to assist you. Call 305-387-5880 today.