How Marriage Affects Your Taxes

Posted on July 3, 2022

How Marriage Affects Your Taxes

Marriage brings many changes and one of the important changes is in your taxes. After you are married, you can enjoy tax credits that are only allowed for married couples. You may need to consult a tax professional to know the tax credits you can get and the adjustments you need to make. In case of a change of last name or address, you will need to report the changes to the IRS. Married couples will also need to notify their employer(s) about the changes to their tax information so that the withholding is accurate.

Even though the tax rate is higher for married filing separately, some married couples benefit from filing separately. In most cases, though, married couples file jointly to receive the benefits provided to married couples.

If you are newly married, you may want to determine which tax filing status will provide you the most benefits. It will depend on your income level, the credits you qualify to receive, and changes to your tax duties. It is best to consult a tax lawyer to incorporate the changes and get familiar with your new tax duties.

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