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Tying the knot? Don’t let taxes tie you up

 


Getting married can have significant tax implications for you and your spouse. Here is what you need to know about tying the knot and how it can affect your finances:

1. Filing status: When you get married, you have the option of filing your taxes jointly or separately. Filing jointly can often result in lower tax rates and higher deductions, but it's important to calculate the tax liability for both filing options to determine which is best for you.

2. Standard deduction: The standard deduction is higher for married couples filing jointly than for single filers or married couples filing separately. This can result in a lower tax liability for married couples.

3. Income tax rates: Income tax rates for married couples are often lower than for single filers or married couples filing separately. This can result in a lower tax liability for married couples.

4. Personal exemptions: Personal exemptions were eliminated with the Tax Cuts and Jobs Act, but in previous years, married couples could claim a personal exemption for each spouse, resulting in a lower tax liability. Let’s keep an eye out to see where this goes with the Big Beautiful Bill

5. Capital gains tax: When you sell an asset that has increased in value, you may be subject to capital gains tax. However, when you get married, you can potentially double your exclusion for capital gains tax on the sale of your home or other assets.

6. Estate tax: Married couples can potentially transfer an unlimited amount of assets to each other without incurring estate tax. This can be a significant advantage for married couples with significant assets.

 

Marriage can impact your taxes in various ways. It's essential to understand how marriage will influence your financial situation so that you can plan accordingly. Consulting with a tax professional can help you identify the most advantageous tax strategies for your circumstances.

  

If you need help, get scheduled for a consultation and let us help you!

 

 Lloydetta Bryant, EA, MBA is your Revenue Reset Partner and Tax Expert who will work diligently to find the right solution for your specific tax situation. As an Enrolled Agent licensed through the IRS, Lloydetta can step in on your behalf to advocate for you. As a content creator on YouTube, you’ll find that focus on helping black women-led businesses with Solutions Beyond Taxes. Although we are a virtual firm,  Ethical Tax and Business Services is located in the Savannah/Richmond Hill areas, and can serve taxpayers in all 50 states by providing tax services from compliance to representation and the expertise needed to get the job done. Visit our website at www.ethicaltaxandbusinessservices.com

#TaxHelp #IRSRepresentation #BackTaxes #BlackWomenInBusiness #Enrolled Agent #TaxRelief #IRS Penalties #WellnessEntrepreneur #EthicalTax #TaxDebtHelp #LicensedTaxPro #IRSHelp #TaxResolution


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