Stretch Your Dollar: How marriage changes how you file your taxes

Stretch Your Dollar

Marriage can bring a bunch of a changes to your life. Among them, how you file your taxes!

It’s exciting to be a newlywed. But one of the least romantic changes is filing taxes. If the wedding was in January, June or on December 31st, the IRS considers you married for the entire year.

Tax practitioner Isaac Mcrae says couples should research how to file, especially if spouses don’t make the same amount of money.

“In some cases you may have a high-income spouse, and a low-income spouse. It would be more beneficial for you to file jointly because you’ll be able to absorb the higher income spouse’s income at a lower tax rate,” said Isaac Mcrae, National Association Of Enrolled Agents. 

But if you or your partner has past tax debt or a default on federal student loans, you may want to file separately.

“When you file jointly, whatever is on that tax return becomes your problem, yes. However, any past tax issues are not your problem when you file jointly. Anything that you did prior to you becoming married or filing, are their own separate issues,” said Mcrae. 

Those past issues could cut into a joint refund if you are entitled to one.

All couples bring something different to the table which is why it’s better to consult a tax professional about the best way for you to file.

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