Post # 1
Calling out to all those tax savvy ladies out there with a random quesiton: did getting married impact your taxes at all? I’ve heard that getting married is a great tax benefit for some, not so great for others.
FH is self-employed and I work for the man. If it’s not too personal I was just wondering if getting married was a tax boon or a bane for you newly marrieds out there.
Post # 3
It didn’t affect us much because our incomes are dissimilar but if they are close together, you sometimes get hit with the ‘marriage penalty’. There aren’t any great benefits to getting married though.
PS – Usually filing jointly is your best option, married filing seperately loses out on a lot of benefits.
Post # 4
The only way it’s a benefit is if one person makes a lot less than the other. We actually would have had to pay $100 more filing jointly.
Post # 5
We both make so little that it’s actually benefited us. Well, it helped Darling Husband last time we filed because I got a credit for being a student (and I was nice and gave him some of the extra money). We were told that married filing separately would totally screw us, so we avoided it.
Post # 6
We’ll be filing together for the first time this year. I’m only commenting so I can bookmark this thread. I’m interestd to hear from more people!
Post # 7
I’m in Canada and we will take a hit.
Post # 8
It helped my paycheck; that definitely got a little bigger. But like OP, my Darling Husband is self employed so we will see what happens come April.
Post # 9
Is there any way for planning for the tax hit or donating enough so that it doesn’t hurt? I’m wondering if there is a predictor or some more information listed somewhere.
Post # 10
I was told to not get married because it impacts the tax return. However, I plan on leaving the withholding as “single but married” because you end up getting MORE taken out that way (tax benefit, supposedly, if you choose “married”) and get more back in the end (supposedly).
We also plan on having another baby, so that’ll help some, too, with the child tax credits.
However, we’ll let whoever does our taxes decide which is the best way for us to go.
Post # 11
@MapleBecky: I’m in Canada too. How do you know you’ll take a hit? This will be my first year filing jointly, and FH will have lots of tuition credits left to claim…
Post # 12
We got married and bought a house in the same year so I’m not sure which one was more beneficial for tax purposes but we got a very substantial refund last year.
Post # 13
Good thread! Keep posting everyone. This is really helping me out.
I think in the grand scheme of things if one spouse makes considerably more than the other, they can and should file together for sure because then that shows as ‘one’ income and the taxes are calculated on that household income as a whole. Also, a spouse might be earning very less which allows them to be listed as a dependent.
Post # 14
I do my own tax forms but my Fiance has his brother in law to do his. My question is, when we get married should we have it professionally done?? I kind of dont like having anyone(like a Future Brother-In-Law, else up in my tax business).
I dont know. I dont want to have to rely on a Future Brother-In-Law for my taxes!! Id rather have H&R Block do it. I havent talked to my Fiance about this yet though. His BIL has been doing his taxes for years now. SO I might have a fight coming my way.
Im kind of mad that my Fiance has never bothered to learn how to do his. He could have been doing it WITH his BIL this whole time to learn how to do it.Laziness or just fear of it?? I dont know. But Im not the kind of person who relies on family to do it.In fact,my father started doing mine when I was a teen, but then I learned how and started doing it myself.
If u have done yours yourself for years,will u go tp a professional for the first time after u get married?? Just to see how they do it and understand what u might need to do next year???
I think I might do that. I have been doing my own. But when I get married, I might have it professionally done.At least for the first year.
Does that make snese??
Post # 15
My Fiance makes more then me. So it sounds like we should file together.
Post # 16
@Pupperoni: For the first year, you will probably get a refund since you were withholding at the higher single rate for over half the year. Just make sure you put in a new W-4 after you get married to adjust your withholding and you should be fine.
@Sasha2011: Actually, a spouse is never a dependant on a Federal form. Since you are jointly filing, you get the deduction and exemption for both of you.
@Earlybride: Please don’t go to H&R Block or any of the tax services. Usually the person that files your return just took a summer class and doesn’t really know anything about what they are doing. You get the same experience filing with an online program (I personally use TurboTax and it’s super easy). There really isn’t much different being married than being single except that you put both names on the return (assuming that you both have pretty simple returns and no investments, property, etc).