Skip to main content

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


Comments

Post a Comment

Popular posts from this blog

👀 Why You Need an Enrolled Agent in Your Book of Business 💼

What’s an Enrolled Agent Anyway? If you’re reading this, chances are you care about your coins and want to level up your financial game. 💰 Let me introduce you to your new best friend in the tax world: the Enrolled Agent, lovingly known as the EA. Now, I know some might think tax talk is dry, but trust me, it isn't! Plus, I hear two things in life are certain and welp TAXES is one of them so you might want to know a little bit about them 😉 An Enrolled Agent is a tax professional who’s been blessed (seriously, it’s tough!) by the IRS itself. Unlike CPAs or attorneys, EAs specialize in taxes—living, breathing, and sometimes even dreaming of deductions and credits. (I am guilty ✋)  The IRS gives them the power to represent taxpayers in front of Uncle Sam, handling everything from prepping returns to fighting audits, and even negotiating on your behalf. Basically, EAs are the superheroes of the tax universe, capes and calculators included. 🖩 Why Is It Important to Have an EA on...
Post a Comment
Read more

3 Things You NEED to do...

  3 Things You Can Do... To make your Accountant happy at tax time ☺ Want to be your accountant’s favorite client? (Well, even more than you are now, of course) The key is to take a bit of time now to start preparing for your tax return appointment, so your accountant has everything they need, when they need it, to complete your return.     Of course, as a favorite client, you already know that the days of dropping off a shoebox of receipts and tax documents at the front desk…waiting for a call to let you know you forgot such-and-such documents…stopping by to drop off the missing info…waiting for the call that your return is done…then stopping in to pick up the finished return, is in the past. (Thank goodness, right?) Today’s financial world has evolved to a near-breathtaking level of efficiency and digital delivery. So much, in fact, that you don’t even have to drop the information off in person anymore.  And that is exactly what some firms prefer.😁    ...
Post a Comment
Read more

💡 Common Tax Write-Offs for Health & Wellness Entrepreneurs

  Ethical Tax and Business Services | #SolutionsBeyondTax Are you leaving money on the table? If you’re a health coach, yoga instructor, therapist, esthetician, doula, or wellness entrepreneur, you likely spend money every month on tools, services, and education that support your business. But here’s the question: Are you deducting those expenses at tax time? Below is a checklist of common (and often overlooked) tax write-offs for women-led health and wellness businesses. These deductions could help reduce your taxable income and give you a clearer financial picture of where your money is going. 🧾 Business Operations Home office expenses (portion of rent, utilities, internet, etc.) Office supplies (printer ink, paper, pens) Business insurance Software subscriptions (Acuity, QuickBooks, Canva, Zoom) Business cell phone usage 🧘‍♀️ Health & Wellness-Specific Expenses Continuing education & certifications (CPR, yoga training, etc.) Professiona...
Post a Comment
Read more