Those who are getting married soon or those who are newly married should review their tax information for changes and consider the tax benefits they qualify for. Married couples can file their tax return jointly or separately. In most cases, those filing “married filing jointly” receive benefits that are not available to those who file separately.
If both the partners are working, they must inform their employer about their tax filing status, changes in name or address, if any, and any added dependents. In cases of joint filing, couples should review their tax bracket because their combined incomes may change their status.
It is best to let a tax professional review the available the tax credits offered to married couples and the adjustments that need to be made. After a couple marries it is important they review their new tax duties, so they are able to make the adjustments in future.
Married couples may also consider contributing to retirement plans, such as an Individual Retirement Account (IRA). Even if one spouse is working, the non-working spouse can make contributions to an IRA based on the income of the working spouse. Only married couples who file taxes jointly can use this facility.
Marriage brings benefits and responsibilities. Taxpayers can make the most of their married tax status by using the tax benefits available.