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The IRS's Side of Your Marriage: Everything You Need to Know

Floyd Richardson

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How To Fix Tax Problems With IRS: IRS Side Of Your Marriage: Description Of Irs

by Karyn Ross

4.1 out of 5

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Getting married is a big step in life, and it comes with a lot of changes. One of the biggest changes is how you file your taxes. The IRS considers married couples to be a single tax unit, and this can have a significant impact on your tax bill.

In this article, we'll take a look at the IRS's side of your marriage, including tax implications, filing status options, and common deductions and credits. We'll also provide some tips on how to make the most of your tax situation as a married couple.

Tax Implications of Marriage

When you get married, your tax filing status changes from single to married. This can have a significant impact on your tax bill, depending on your income and deductions.

In general, married couples who file jointly pay less in taxes than those who file separately. This is because the IRS allows married couples to combine their incomes and deductions, which can result in a lower tax bill. However, there are some exceptions to this rule. For example, if one spouse has a lot of debt or other financial problems, filing separately may be more beneficial.

Filing Status Options

When you file your taxes as a married couple, you have two filing status options:

Married filing jointly: This is the most common filing status for married couples. When you file jointly, you combine your incomes and deductions, and you pay taxes on your combined income.
Married filing separately: This filing status is less common, but it may be beneficial for some couples. When you file separately, you do not combine your incomes or deductions. Instead, each spouse files their own tax return and pays taxes on their own income.

The IRS generally recommends that married couples file jointly. However, there are some situations where filing separately may be more beneficial. For example, if one spouse has a lot of debt or other financial problems, filing separately may help to protect the other spouse from being held responsible for the debt.

Common Deductions and Credits

There are a number of deductions and credits that are available to married couples. Some of the most common deductions include:

Standard deduction: The standard deduction is a dollar-for-dollar reduction in your taxable income. The amount of the standard deduction varies depending on your filing status. For married couples filing jointly, the standard deduction is $25,900 in 2023.
Child tax credit: The child tax credit is a tax credit of up to $2,000 per child under the age of 17. The credit is phased out for higher-income taxpayers.
Child and dependent care credit: The child and dependent care credit is a tax credit for expenses paid for the care of a child or other dependent. The credit is phased out for higher-income taxpayers.
Mortgage interest deduction: The mortgage interest deduction allows you to deduct the interest you pay on your mortgage loan. The deduction is phased out for higher-income taxpayers.
State and local income tax deduction: The state and local income tax deduction allows you to deduct the state and local income taxes you pay. The deduction is phased out for higher-income taxpayers.

There are also a number of credits that are available to married couples. Some of the most common credits include:

Earned income credit: The earned income credit is a tax credit for low- and moderate-income working individuals and families. The credit is phased out for higher-income taxpayers.
Retirement saver's credit: The retirement saver's credit is a tax credit for individuals who contribute to a retirement account. The credit is phased out for higher-income taxpayers.

Tips for Filing Your Taxes as a Married Couple

Here are a few tips for filing your taxes as a married couple:

File jointly if possible. In most cases, filing jointly will result in a lower tax bill than filing separately.
Make sure you have all of your documents. When you file your taxes, you will need to have all of your income and deduction documents, including W-2s, 1099s, and mortgage interest statements.
Use tax software or a tax professional. Tax software can help you to prepare your taxes accurately and quickly. If you are not comfortable preparing your taxes on your own, you can hire a tax professional to help you.
Review your return carefully before you file. Once you have prepared your tax return, review it carefully to make sure that all of the information is accurate. You should also make sure that you have claimed all of the deductions and credits that you are entitled to.

Getting married can have a significant impact on your taxes. By understanding the IRS's side of your marriage, you can make sure that you are filing your taxes correctly and taking advantage of all of the deductions and credits that you are entitled to.

How To Fix Tax Problems With IRS: IRS Side Of Your Marriage: Description Of Irs

by Karyn Ross

4.1 out of 5