Marriage & Taxes: Maximize Your Savings
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Your relationship status on New Years Eve can significantly impact your tax situation for the entire year. The IRS uses this single day to determine your filing status, affecting your standard deduction, tax brackets, credits, and retirement contributions. Married couples filing jointly enjoy double the standard deduction and wider tax brackets, but high earners may face a marriage penalty. Filing separately often results in lost credits and breaks. Retirement rules also shift, with married filing separately facing strict phaseout windows for IRA deductions. Use tax software to compare and minimize your tax bill.
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