There are plenty of reasons to get married. Of course, love and compatibility top the list. But were you aware of the tax blessings meted out by the Internal Revenue Service (IRS)? Yes, the tax code ensures a couple of benefits to people who tie the knot. To know about those benefits, please go through the following write-up. It also specifies tips to make your extended honeymoon a tad sweeter when preparing the tax return.

1. The Tax Bracket Would Be Lower

According to a renowned tax resolution attorney, taxpayers complained a lot about the marriage penalty. The spouses who earned the same salaries were pushed into the high tax bracket.

However, the penalty was reduced to a great extent. Married couples may file together, but their tax bracket would be lower because they would owe as single taxpayers.

If the spouses have significantly different salaries, the lower one pulls the higher one into a low tax bracket, decreasing overall taxes.

2. Your Spouse Can Be a Tax Shelter

Although it is not advisable to opt for a partner especially because their business is losing money, negative numbers of one person can help both the spouses.

The spouse who is losing money would not be able to use certain deductions, including those dealing with properties. The spouse earning money can use the unused deductions and claim the other spouse’s loss as a write-off on the joint return.

3. Married Couples Can Benefit-Shop

If both spouses got benefit packages from their work, they could pick the most valuable one. Generally, benefits differ between spouses. The right combination of benefits from the two plans can elevate the couple’s tax savings.

For instance, a couple having dependents can take advantage of the spouse’s dependent care programme. This lowers the taxable income.

4. Unemployed Spouses Can Have IRA

The experts working for one of the best tax law firms San Francisco said a single unemployed taxpayer would not be eligible for IRA or individual retirement account. However, a married unemployed taxpayer can have an IRA through joint income.

• Couples filing together can contribute to two separate IRAs and get fantastic tax benefits.
• The IRA benefits based on earnings are phenomenally higher for married couples.
• If a couple does not qualify for a tax-deductible IRA because of income limitations, the spouses can contribute to a non-deductible IRA.

There are a few tax drawbacks to nuptials as well. That does not mean you should not get hitched; just think of them as unwanted gifts like the poor fondue set and the fourth toaster oven. After you sign a joint return, you will be responsible for all the numbers. If your spouse manipulates a figure, you will also have to face the consequences. In case of garnishments, refunds could be blocked or delayed.