Congratulations! You’re married!
If you are experiencing a little letdown after the bustle and hubbub of your big day, here is something for you to look forward to: Taxes!
Yes, you read correctly. Now you can look forward to filing a joint return and reap several benefits. Let me break it down for you…
If you file a joint return you will a) be taxed at a lower rate, and b) your standard deduction is more. What does that mean? You pay less in taxes.
There are several credits available to joint returns that are unavailable if filing separately:
- earned income credit
- child care and dependent care credit
- adoption exclusion and adoption credit
- education credits
So if you are married, consider filing jointly on your next return. If you aren’t married, consider leaving this article open on your computer screen the next time your boyfriend is coming over.
If you still aren’t sure what you should do with your filing status, or if you want to know about potential credits you can claim this year, please do not hesitate to call us!